Asked by john
You would like to have $3000 in four years for a special vacation by making a lump-sum investment in an account that pays 9.5% compounded semiannually. How much should you deposit now ?
Answers
Answered by
R_scott
D [1 + (.095 / 2)]^(4 * 2) = 3000
D * 1.0475^8 = 3000 ... D = 3000 / 1.0475^8
D * 1.0475^8 = 3000 ... D = 3000 / 1.0475^8
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