Answer: $6444.14 would be deposited quarterly
Step-by-step explanation:
We would apply the formula for determining future value involving deposits at constant intervals. It is expressed as
S = R[{(1 + r)^n - 1)}/r][1 + r]
Where
S represents the future value of the investment.
R represents the regular payments made(could be weekly, monthly)
r = represents interest rate/number of interval payments.
n represents the total number of payments made.
From the information given,
S = $300000
r = 0.08/3 = 0.027
n = 3 × 10 = 30
Therefore,
300000 = R[{(1 + 0.027)^30 - 1)}/0.027][1 + 0.027]
300000 = R[{(1.027)^30 - 1)}/0.027][1.027]
300000 = R[{(2.224 - 1)}/0.027][1.027]
300000 = R[{(1.224)}/0.027][1.027]
300000 = R[45.33][1.027]
300000 = 46.55391R
R = 300000/46.55391
R = 6444.14
