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You want to receive $450 at the end of each year for 2 years. Interest is 6.1% compounded annually. (a) How much would you have
You want to receive $450 at the end of each year for 2 years. Interest is 6.1% compounded annually.
(a) How much would you have to deposit at the beginning of the 2-year
period?
(b) How much of what you receive will be interest?
(a) The deposit is___
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(b) The interest is___
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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