Cliff has $25,000 in his savings account now. He wants to accumulate another $25,000 within the next five years, so that he has a total of $50,000 for a down payment on a house. If his account pays 4.75% compounded quarterly, how much should Cliff deposit to his account monthly to reach his goal?

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The Answer of Cliff has $25,000 in his savings account now. He wants to accumulate another $25,000 within the next five years, so that he has a total of $50,000 for a down payment on a house. If his account pays 4.75% compounded quarterly, how much should Cliff deposit to his account monthly to reach his goal?

Cliff Has $25,000 in His Savings Account Now