Find the amount of money needed to be invested for an interest rate of 2% compounded semi-annually for 22 years so that the person wants their money to grow to $49,000. Do not round-off anything until you obtain the final answer. Round your answers to the nearest dollar.
Find the amount of money needed to be invested for an interest rate of 2% compounded semi-annually for 22 years so that the person wants their money to grow to $49,000. Do not round-off anything until you obtain the final answer. Round your answers to the nearest dollar.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Find the amount of money needed to be invested for an interest rate of 2% compounded semi-annually for 22 years so that the person wants their money to grow to $49,000. Do not round-off anything until you obtain the final answer. Round your answers to the nearest dollar.
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