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gewusel gewusel
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7 years ago
Erica intends to retire in 37.5 years and would like to receive $6600.00 every 6 months for 14 years, starting on the date of her retirement. How much must she deposit in an account today if interest is 6.25% compounded semi-annually?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
7 years ago
PV (due)   = 6600 (1.03125)
   = 6600(18.480549)(1.03125)
   = $125783.24
PV537-543 = 125783.24(1.03125)-75 = 125783.24(.0994725) = $12 511.97
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