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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 61
Solve this application problems. Round to the nearest cent.
Carl and Amy Glaser recently divorced. As part of the divorce settlement, Carl must pay Amy $1000 at the end of every quarter for 8 years. Find the lump sum he must deposit into an account earning 8% per year compounded quarterly to make the payments. ____________
Carl and Amy Glaser recently divorced. As part of the divorce settlement, Carl must pay Amy $1000 at the end of every quarter for 8 years. Find the lump sum he must deposit into an account earning 8% per year compounded quarterly to make the payments. ____________
Explanation
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There are 
periods.
The interest rate p...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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