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13) Jane needs $30,000 to buy another new car in eight years. How much should she deposit at the end of each half year into an account that earns 4% interest compounded semiannually? A) $1263.36 B) $1663.37 C) $1609.50 D) $160.95 E) none of these

13) Jane needs $30,000 to buy another new car in eight years. How much should she deposit at the end of each half year into an account that earns 4% interest compounded semiannually? A) $1263.36 B) $1663.37 C) $1609.50 D) $160.95 E) none of these

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.18E
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13) Jane needs $30,000 to buy another new car in eight years. How much should she deposit at the end of each half year into an account that earns 4% interest compounded semiannually? A) $1263.36 B) $1663.37 C) $1609.50 D) $160.95 E) none of these
Transcribed Image Text:13) Jane needs $30,000 to buy another new car in eight years. How much should she deposit at the end of each half year into an account that earns 4% interest compounded semiannually? A) $1263.36 B) $1663.37 C) $1609.50 D) $160.95 E) none of these
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