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Homework answers / question archive / Question 6 2 pts A quarterly deposits are made into an account paying 6% per year compounded monthly
Question 6 2 pts A quarterly deposits are made into an account paying 6% per year compounded monthly. If the objective of these deposits is to accumulate $100,000 by the end of the six years, what is the amount of each deposit? O $1500 $3695 O $1372 O $3489
quarterly rate=(1+(6%/12))^3-1=1.5075%
size of each deposit
=100000/(((1+1.5075%)^(6*4)-1)/1.5075%)
=3489
