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April 21, 2014

Homework Help: math help plz!

Posted by Thara! on Saturday, April 10, 2010 at 10:13pm.

When Cody's son was born, he put $4,500 in an investment that earns 7% compounded semi-annually. This investment will mature when his son turns 18 and will go straight into an annuity at 4.75% compounded and paying out quarterly at the end of the period. The investment was to help pay for his 4-years of college. Find the size of these quarterly payments received by Cody's son during his college stay.

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