If an apartment complex will need painting in 2 1 2 years and the job will cost $135,000, what amount needs to be deposited into an account now in order to have the necessary funds? The account pays 3% interest compounded semiannually.

If an apartment complex will need painting in 2 1 2 years and the job will cost $135,000, what amount needs to be deposited into an account now in order to have the necessary funds? The account pays 3% interest compounded semiannually.

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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Question

If an apartment complex will need painting in

years and the job will cost $135,000, what amount needs to be deposited into an account now in order to have the necessary funds? The account pays 3% interest compounded semiannually.

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