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1) 2) 3) If $2000 is deposited at the end of each half year in an account that earns 6.4% compounded semiannually, after how many
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If $2000 is deposited at the end of each half year in an account that earns 6.4% compounded semiannually, after how many half years will the account contain $160,000? (Round your answer UP to the nearest half year.) half years Suppose a young couple deposits $700 at the end of each quarter in an account that earns 7.4%, compounded quarterly, for a period of 4 years. After the 4 years, they start a family and find they can contribute only $200 per quarter. If they leave the money from the first 4 years in the account and continue to contribute $200 at the end of each quarter for the next 18 years, how much will they 1 / 2 have in the account to help with their child's college expenses)? (Round your answer to the nearest cent.) $ Twins graduate from college together and start their careers. Twin 1 invests $2000 at the end of each year for 10 years only (until age 35) in an account that earns 8%, compounded annually. Suppose that twin 2 waits until turning 40 to begin investing. How much must twin 2 put aside at the end of each year for the next 25 years in an account that earns 8% compounded annually in order to have the same amount as twin 1 at the end of these 25 years (when they turn 65)? (Round your answer to the nearest cent.) $Step by Step Solution
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