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#2 the answer R=$1478.50 is provided to us. I need the work that shows the steps we took to come up with this answer. Excel
#2 the answer R=$1478.50 is provided to us. I need the work that shows the steps we took to come up with this answer. Excel and financial calculators are not allowed. Thank you
2. To pay off a loan of $8,900 due in five years, a person will make a deposit at the end of each year into an account paying 9.3% interest compounded annually. Determine the size of the deposit rounded up to the nearest half-dollar and construct a table that shows the size of each deposit, the amount of interest, and the balance after each payment. 3. An individual wishes to accumulate $4600 by depositing $200 at the end of each month into an account which earns 5.2% compounded monthly. How many full payments are needed? For the first four months and the last month, construct a table that shows the size of each deposit, the amount of interest, and the balance after each payment. (21 payments; balance after fourth month: $805.22; concluding payment for the 22nd month: $193.90 ) power will use a sinkingStep by Step Solution
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