Management team is working on long-term strategic plan

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Reference no: EM131551461

Jackson & Parnell have a hot new product that is generating a tremendous amount of profit. The management team is working on a long-term strategic plan. They would like to deposit a portion of the profits to build up cash reserves for future projects.

The company has made a commitment to deposit $54251 at the end of each quarter, decreasing the amount by $746 with each subsequent deposit, into an account paying a nominal annual interest rate of 2% compounded quarterly. The company would like to make the deposits for 6 years.

How much will the company have in the account after the last deposit?

Note: The first deposit is made at the end of the first quarter

Enter your answer as follows: 12345

Round your answer. Do not use a dollar sign ("$"), any commas (",") or a decimal point (".")

Reference no: EM131551461

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