How Much Does a Depositor Have to Save at the Beginning

question 180

Essay

How much does a depositor have to save at the beginning of every three months for 13.25 years to accumulate $41 600.00 if interest is 8% compounded quarterly?

---

Definitions:

Y2K Problem

Refers to a widespread computer bug that was predicted to cause systems to fail at the turn of the millennium because many programs represented years with only two digits.

Wage-Rate Compression

A situation where the differences in pay between different jobs or levels of responsibility decrease, often due to external pressures on wages or internal equity concerns.

Employment Standards

Regulations that define the minimum terms of employment, including hours, pay, leave entitlements, and working conditions.

Minimum Wage Rates

The lowest legal hourly pay that employers can give to workers, as set by government regulations.