The first home video game product built on a microprocessor was a home version of the popular coin-operated pong game from _____
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In order to achieve its goal, the amount the firm should save each quarter is $56,033.97
The formula that can be used to determine the amount that the company should save every month to achieve its goal is :
Amount = future value / annuity factor
Annuity factor =
- Future value = amount it wants to save in 4 years = $1 million
- r = interest rate = 5.75% / 4 = 1.4375%
- n = number of years = 4 x 4 = 16
Annuity factor = [(1 + 0.014375)^16 - 1] / 0.014375
= 17.846317
Amount = $1,000,000 / 17.846317
= $56,033.97
A similar question was answered here: brainly.com/question/14927086?referrer=searchResults