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Answer is 13 yrs 5 no and 9 days Your objective is an annuity due paying $5,000 semi-annually for 512 years at 4% compounded quarterly.

Answer is 13 yrs 5 no and 9 days

Your objective is an annuity due paying $5,000 semi-annually for 512 years at 4% compounded quarterly. How far in advance of this would you need to invest $20,000 at 6.82% compounded monthly? Assume 30 days in a month

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