Question
Comet will need $35,000 in 5 years to start his own dog food business. He plans to save money by making semi-annual deposits in an
Comet will need $35,000 in 5 years to start his own dog food business. He plans to save money by making semi-annual deposits in an account earning 7.8% per year, compounded semi-annually.
a) What semi-annual deposit must Comet make?
b) How much interest does Comet earn?
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Bond Markets Analysis and Strategies
Authors: Frank J.Fabozzi
9th edition
133796779, 978-0133796773
