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Chris Nix invests $20,000 at 8% annual interest (compounded annually), leaving the money invested (without withdrawing any interest) for 8 years. At the end of
Chris Nix invests $20,000 at 8% annual interest (compounded annually), leaving the money invested (without withdrawing any interest) for 8 years. At the end of 8 years, Chris withdrew the accumulated amount of money. 9, 1. Compute the amount of money Chris was able to withdraw. 2. Compute the amount of money Chris would be able to withdraw, if interest was compounded semi-annually (twice a year). 10. Daniel Adam needs $200,000 in 10 years. How much must he invest at the end of each year, at 11% interest, to meet his needs? 60
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