question archive Janet Smith wants to receive a $1000 quarterly annuity payment at the end of every three-month period for the next 4 years
Janet Smith wants to receive a $1000 quarterly annuity payment at the end of every three-month period for the next 4 years
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Janet Smith wants to receive a $1000 quarterly annuity payment at
the end of every three-month period for the next 4 years. In order to fund the annuity payments, she must make a specific investment amount now. The investment will earn a 12% interest per year compounded quarterly over the next 4 years.
Calculate the amount that Janet will have to invest in order for her to receiver her quarterly payment of $1000.
The amount Janet needs to invest is $
