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Q7 please! urgent! thanks:) All the computers in the lab of a university have to be replaced 3 years from now at a cost of
Q7 please! urgent! thanks:)
All the computers in the lab of a university have to be replaced 3 years from now at a cost of $100,000. In order to have the necessary fund, the university decided to set aside equal amounts at the beginning of every semester. There are two semesters in a year and we are now at the beginning of the current term. If interest is 5% p.a. compounded semiannually, find the following. (Round all the answers to two decimal places.) (a) Find the size of the semiannual deposits. (b) What is the total amount that the university paid for her computers? (c) If the university decides to deposit a certain amount (lump-sum) at the beginning of the first semester instead of setting aside equal amounts at each semester, what is the size of this certain amountStep by Step Solution
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