Question

Asked Jan 14, 2020

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How much money should be deposited today in an account that earns 5%

compounded semiannually so that it will accumulate to $14,000

in three years?

1 Rating

Step 1

The formula to calculate amount to be deposited in the account is shown below

where A is the accumulated amount = $14,000

P is the present value (money to be deposi...

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