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On 1/1/01, Sienna Sunset, LLC provided a loan to one of its partners, Dorothy. In six years, Dorothy will have to pay Sienna Sunset $500,000.
On 1/1/01, Sienna Sunset, LLC provided a loan to one of its partners, Dorothy. In six years, Dorothy will have to pay Sienna Sunset $500,000. If Dorothy invests money semiannually in a savings account that pays an annual interest rate of 7.00%, how much will she need to deposit in the account every six months? (Assume Dorothy has no money in the savings account at 1/1/01 and her first deposit occurs on 6/30/01)
a. 51,742
b. 104,898
c. 69,898
d. 34,242
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