Ted owns a small florist shop. Since his business is booming, his realizes he will soon need one more delivery van. He decides he will purchase a full size van versus a minivan, which he currently owns. The van he is looking to buy in 3 years will cost him $25,000. How much should he invest each quarter into an account that pays 3% per year compounded quarterly, so that he can have the desired funds in 3 years

$1998.79

Explanation:

Quarterly payment = future value /annuity factor

Annuity factor = {[(1+r)^mn] - 1} / r

r = interest rate  = interest rate / number of compounding 3%/4

N = number of years

m = number of compounding

Annuity factor =[ (1.0075)^12 - 1] / 0.0075 = 12.507586

Quarterly payment = $25,000 / 12.507586 = $1998.79

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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