Question

You plan to accumulate $24,000 for a ute in 6 years’ time. To do this, you...

You plan to accumulate $24,000 for a ute in 6 years’ time. To do this, you will make 24 level deposits (quarterly) with the first deposit today. If you earn 4.7% per annum compounding quarterly, what regular deposit will be needed? (round to nearest cent; don’t use $ sign or commas)

Select one:

a. $861.32

b. $871.44

c. $1754.49

d. $3395.56

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Answer #1

Regular deposit = $871.44 Option B

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