Question
Alex has to make a payment of $100,000 in exactly 10 years. He is going to save $3,000 at the beginning of every six months.
Alex has to make a payment of $100,000 in exactly 10 years. He is going to save $3,000 at the beginning of every six months. If Alex can earn 7% compounded semiannually on his savings, how much more money will he have to add to the savings at the end of the 10thyear?
A. $9,583.28
B. $11,398.44
C. $24,783.43
D. $6,127.08
E. $12,191.59
Multiple choice question
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Options Futures and Other Derivatives
Authors: John C. Hull
10th edition
013447208X, 978-0134472089
