How much money should be deposited today in an account that earns 6% compounded semiannually so that it will accumulate to $2000 in 9 years?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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solve the problem. Round to the nearest cent.
 
 A = PntP = A = PertY = n - 1


How much money should be deposited today in an account that earns 6% compounded semiannually so that it will accumulate to $2000 in 9 years?
 
A.$3404.87
B.$825.21
C.$1183.80
D.$1174.79
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