Jack wishes to save up for a vacation in four years. He figures that he will need $12,000 for this vacation. What size payment is
Jack wishes to save up for a vacation in four years. He figures that he will need $12,000 for this vacation.
What size payment is required at the end of each 6-month period to achieve this goal if he can invest his money into an ordinary annuity which earns 4% compounded semiannually?
how much interest will Jack earn on this account?
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Authors: Jeff Madura
8th Edition
0324568215, 978-0324568219
