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1)Present value How much money should be invested in an account that earn 8% Interest, Compounded semiannually in order to have $18,000 in 7 years?
1)Present value How much money should be invested in an account that earn 8% Interest, Compounded semiannually in order to have $18,000 in 7 years?
Answer : $10,683.29
2) Loan To help pay your college expense you borrow $8000 and agree to repay the loan at the end of 5 year of 7% Interest, Compounded quarterly
A) What is the maturity value of the loan ? Answer : $11,318.23
B) How much interest are you paying on the loan? Anwer : $3318.23
I have answer but I forget How I did the work. Can you show the work?
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