Suppose $646.56 is deposited at the end of every six months into an account earning 6.5% compounded

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Suppose $646.56 is deposited at the end of every six months into an account earning 6.5% compounded semi-annually. If the balance in the account four years after the last deposit is to be $20 000, how many deposits are needed?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Sep 21, 2024 05:20 AM

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Suppose $646.56 is deposited at the end of every six months into an account earning 6.5% compounded

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FV n 20 00000 PMT 0 i 325 n 8 PV 200000010325 8 15 4849395 FV ...View the full answer

Contemporary Business Mathematics with Canadian Applications

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