Find how much money needs to be deposited now into an account to obtain $8,000 (Future Value) in 9 years if the interest rate is 2.5% per year compounded semi-annually (2 times per year). The final amount is $ Round your answer to 2 decimal places Question Help: D Video O Message instructor Submit Question

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 8RE: Suppose an investment account is opened with aninitial deposit of 10,500 earning 6.25...
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Find how much money needs to be deposited now into an account to obtain $8,000 (Future Value) in 9 years
if the interest rate is 2.5% per year compounded semi-annually (2 times per year).
The final amount is $
Round your answer to 2 decimal places
Question Help: D Video Message instructor
Submit Question
Transcribed Image Text:MyOpenMath /assess2/?cid%3D130053&aid%=D9313598#/skip/15 Blackboard Course Materi... A Convert JPG t... Question 15 <> Textbook Videos (+] Find how much money needs to be deposited now into an account to obtain $8,000 (Future Value) in 9 years if the interest rate is 2.5% per year compounded semi-annually (2 times per year). The final amount is $ Round your answer to 2 decimal places Question Help: D Video Message instructor Submit Question
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