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Lada Lada
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Posts: 357
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6 years ago
What is the accumulated value after 15.50 years of deposits of $500.00 earning interest at 4.00% compounded semi-annually if the deposits are made at the end of each quarter?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
PMT = 500, i = 0.04 ÷ 2 = 0.02, n = 15.5 × 4 = 62, c =   = 0.5
p =   - 1 = 0.0099505
FVg = 500.00  = 500.00(85.18052518) = 42 590.30
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