Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Homework: Test Practice Unit 2 - Math of Finance Question 11, Instructor- created question HW Score: 58.33%, 7 of 12 points Points: 0 of 1

image text in transcribed
Homework: Test Practice Unit 2 - Math of Finance Question 11, Instructor- created question HW Score: 58.33%, 7 of 12 points Points: 0 of 1 III Save You would like to have $3.500 in 5 years for a special vacation following graduation by making deposits at the end of every six months in an annuity that pays 65% compounded semiannually Determine how much you should deposit at the end of every six months. a. b. How much of the 53,600 comes from deposits and how much comes from interest? a. In order to have $3,600 in 5 years, you should deposits at the end of every six months (Do not round until the final answer. Then round up to the nearest dollar b. $of the $3,600 comes from your deposits and comes from interest (Use the answer from part a to find this answer Round to the nearest dollar as needed.) Calculator clear all

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Finance

Authors: H L Bhatia

30th Edition

9390080258, 978-9390080250

More Books

Students also viewed these Finance questions

Question

Write an elaborate note on marketing environment.

Answered: 1 week ago