How much of the financial goal comes from deposits and how much comes from interest?
Periodic
Deposit ____ at the end of every three months
Rate 7.25% compounded quarterly
Time 5 years
Financial Goal $18,000
a.
Determine the periodic deposit.
b.
How much of the financial goal comes from deposits and how much comes from interest?
a. In order to have $18,000 in 5 years, you should deposit ___ each period.
(Do not round until the final answer. Then round up to the next dollar.)
b. __of the $18,000 comes from your deposits and _____ comes from interest.
(Use the answer from part a to find this answer. Round to the nearest dollar as needed.)
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