Compounded quarterly to be able to pay for the roof

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Reference no: EM131531542

Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 10 years. He estimates the roof will cost him $11,400 at that time.

What amount should Jim invest today at 6% compounded quarterly to be able to pay for the roof? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Amount to be invested $

Reference no: EM131531542

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