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Lada Lada
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6 years ago
What semi-annual payment must be made into a fund at the beginning of every six months to accumulate to $4800.00 in ten years at 7% compounded semi-annually?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
FV(due) = 4800; n = 10(2) = 20; i =   = 0.035; I/Y = 7; P/Y = C/Y = 2
FV(due) = PMT(1 + i)
4800 = PMT(1 + 0.035) 
4800 = PMT(1 + 0.035)[28.27968181]
4800 = PMT(29.26947068)
PMT = 
PMT = $163.99

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