You have decided to put $ 200 in a savings account on the first of every half-year for 10 years. The savings account credits interest semi-annually, at the annual rate of 6%. You wish to know how much money will you have in your account immediately after your last deposit. Find the number of payments per year. a. 1 b. 4 c. 12 d. 6 e. 2
You have decided to put $ 200 in a savings account on the first of every half-year for 10 years. The savings account credits interest semi-annually, at the annual rate of 6%. You wish to know how much money will you have in your account immediately after your last deposit. Find the number of payments per year. a. 1 b. 4 c. 12 d. 6 e. 2
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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![You have decided to put $ 200 in a savings account on the first of every half-year for 10 years. The savings account credits interest semi-annually, at the annual rate of 6% . You wish to know how
much money will you have in your account immediately after your last deposit. Find the number of payments per year. a. 1 b. 4 c. 12 d. 6 e. 2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffeb6c32a-394e-45a9-a6fa-772473288ead%2Ff0ef4655-81e5-4757-a16f-dbe328a2b14b%2Fkfofb6ct_processed.png&w=3840&q=75)
Transcribed Image Text:You have decided to put $ 200 in a savings account on the first of every half-year for 10 years. The savings account credits interest semi-annually, at the annual rate of 6% . You wish to know how
much money will you have in your account immediately after your last deposit. Find the number of payments per year. a. 1 b. 4 c. 12 d. 6 e. 2
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