ACCt - Joan Hampton currently has $5,750 in a money market account

ACCt - Joan Hampton currently has $5,750 in a money market account

Question # 00010741 Posted By: expert-mustang Updated on: 03/23/2014 08:09 AM Due on: 03/23/2014
Subject Accounting Topic Accounting Tutorials:
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Joan Hampton currently has $5,750 in a money market account paying 4.37 percent compounded semi-annually. She plans to use this amount and her savings over the next 5 years to make a down payment on a townhouse. She estimates that he will need $15,000 in 5 years. How much should she
invest in the money market account semi-annually over the next 5 years to achieve this target?
a. $ 886.28
b. $ 712.01
c. $ 650.97
d. $ 610.79
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  1. expert-mustang
    Tutorial # 00010316 Posted By: expert-mustang Posted on: 03/23/2014 08:10 AM
    Puchased By: 3
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    rate$5,750 x (1+4.42%)^5$7,138 Step 2: Find the ...
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