Asked by cool boy
An annuity account earns biannual payments and has an annual interest rate of 3 percent. What value of r must be substituted into the formula to calculate the future value of the annuity? Round the value to the nearest thousandth.(1 point)
r=
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Answered by
GPT-5 mini
AI
r = 0.03 / 2 = 0.015
(So use r = 0.015, i.e., 1.5% per period.)
(So use r = 0.015, i.e., 1.5% per period.)
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