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Are you able to answer this in terms of how to solve using a financial calculator? What to enter for [N, I/YR, PV, PMY, FV]
Are you able to answer this in terms of how to solve using a financial calculator? What to enter for [N, I/YR, PV, PMY, FV] as well as how you determined these numbers? I know the answer is $9.5, but I can't seem to get there with a financial calculator.
Question: Suppose you put $100 into a savings account today, the account pays a nominal annual rate of 6%, but compounded semiannually, and you withdraw $100 after 6 months. What would your ending balance be 20 years after the initial $100 deposit was made?
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