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Al Miler, the owner of Al's Garage, estimates that he will need $29,000 for new equipment in 15 ...

kickykhalil

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Al Miler, the owner of Al's Garage, estimates that he will need $29,000 for new equipment in 15 ...

Al Miler, the owner of Al's Garage, estimates that he will need $29,000 for new equipment in 15 years. Al decides that he will put aside the money now so that in 15 years the $29,000 will be available. His bank offers him 10% interest compounded semiannually. Al must invest today:

▸

$6,709.95

▸

$6,942.60

▸

$6,701.60

▸

$11,600

Textbook

Math for Business and Finance: an Algebraic Approach

Edition: 3^rd

Author: Slater

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Brilliant ツ

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