Asked by lynn
Jane needs $30,000 to buy another car in eight years. How much should she deposit at the end of each half year into an account that earns 6% interest compounded semiannually?
Answers
Answered by
Damon
1.03 per period
16 periods
30,000 = x [(1.03)^16 -1] /0.03
30,000 = 20.157 x
x = 1488
16 periods
30,000 = x [(1.03)^16 -1] /0.03
30,000 = 20.157 x
x = 1488
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