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Beginning three months from now, you want to be able to withdraw $3,000 each quarter from your bank account to cover college expenses over the next four years. If the account pays .57 percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next four years

Respuesta :

$5259.29 is needed to have in the bank account in order to meet expense needs over the next 4 years.

What is financial management?

  • Financial management is fundamentally the process of creating a business plan and ensuring that it is followed by all departments.
  • A long-term vision may be created with the help of data that the CFO or VP of finance can supply.
  • The data also helps with investment decisions and provides information on how to finance those investments as well as liquidity, profitability, cash runway, and other factors.
  • These objectives can be accomplished by finance teams using ERP software: Accounting, fixed-asset management, revenue recognition, and payment processing are just a few of the financial tasks that are combined in a financial management system.
  • A financial management system ensures real-time visibility into the company's financial situation while streamlining daily operations, such as period-end close procedures.

Present Value of Annuity=

3000*((1-(1/(1+0.57)^16)/.57)=  $5259.29

Know more about Financial Managment with the help of the given link:

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