that pays 0.6% compounded semiannually? (a) State the type. O ordinary annuity O sinking fund O present value of an annuity O present value O amortization (b) Answer the question. (Round your answer to the nearest cent.) Need Help? Read It

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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Sebastopol Movie Theater will need $110,000 in 6 years to replace the seats. What deposit should be made today in an account
that pays 0.6% compounded semiannually?
(a) State the type.
ordinary annuity
O sinking fund
O present value of an annuity
O present value
O amortization
(b) Answer the question. (Round your answer to the nearest cent.)
2$
Need Help?
Read It
Transcribed Image Text:Sebastopol Movie Theater will need $110,000 in 6 years to replace the seats. What deposit should be made today in an account that pays 0.6% compounded semiannually? (a) State the type. ordinary annuity O sinking fund O present value of an annuity O present value O amortization (b) Answer the question. (Round your answer to the nearest cent.) 2$ Need Help? Read It
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