Determine the quarterly payment necessary to accumulate $65,000 in a fund paying 8% per year, compounded quarterly, for 10 years. Assume end-of-period deposits and compounding at the same intervals as deposits. Round the answer to the nearest cent.
A)$1,034.01 per quarter
B) $1,038.64 per quarter
C) $1,099.65 per quarter
D) $1,133.47 per quarter
E) $1,076.12 per quarter

Question

Determine the quarterly payment necessary to accumulate $65,000 in a fund paying 8% per year, compounded quarterly, for 10 years. Assume end-of-period deposits and compounding at the same intervals as deposits. Round the answer to the nearest cent. ​
A)$1,034.01 per quarter
B) $1,038.64 per quarter
C) $1,099.65 per quarter
D) $1,133.47 per quarter
E) $1,076.12 per quarter

Quizplus · Accepted Answer

The Answer of Determine the quarterly payment necessary to accumulate $65,000 in a fund paying 8% per year, compounded quarterly, for 10 years. Assume end-of-period deposits and compounding at the same intervals as deposits. Round the answer to the nearest cent. ​
A)$1,034.01 per quarter
B) $1,038.64 per quarter
C) $1,099.65 per quarter
D) $1,133.47 per quarter
E) $1,076.12 per quarter

Determine the Quarterly Payment Necessary to Accumulate $65,000 in a Fund