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Johnny would like to accumulate $11000 through semi annual payments of $1000. If he earns interest at a rate of j2 = 7%, determine
Johnny would like to accumulate $11000 through semi annual payments of $1000. If he earns interest at a rate of j2 = 7%, determine each of the following: (a) The number of full payments required. Answer: full payments (b) The size of the final smaller payment. Answer: $ Note: If you calculate a negative number for the final smaller payment, submit it.
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To solve this problem we can use the formula for the future value of an annuity FV PMT 1 rnnt 1 rn w...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
