James deposits $⁢768.51 each quarter into an annuity account for his child's college fund. He wishes to accumulate a future value of $⁢65,000 in 16 years. Assuming an APR of 3.4%, how much of the $⁢65,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Amount James will deposit: $ Interest earned: $

James deposits $⁢768.51 each quarter into an annuity account for his child's college fund. He wishes to accumulate a future value of $⁢65,000 in 16 years. Assuming an APR of 3.4%, how much of the $⁢65,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Amount James will deposit: $ Interest earned: $

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 15E

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