You want to receive $400 at the end of every six months for 5 years. Interest is 11.8% compounded semi-annually. (a) How much would you have to deposit at the beginning of the 5-year period? (b) How much of what you receive will be interest?
You want to receive $400 at the end of every six months for 5 years. Interest is 11.8% compounded semi-annually. (a) How much would you have to deposit at the beginning of the 5-year period? (b) How much of what you receive will be interest?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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Question
You want to receive
$400
at the end of
every
six months
for
5
years. Interest is
11.8%
compounded semi-annually.(a) How much would you have to deposit at the beginning of the
5-year
period?(b) How much of what you receive will be interest?
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