Question
Salem plans to deposit $2200 every 6 months for 15 years to save for his son's higher education. The rate of return will be 4%
Salem plans to deposit $2200 every 6 months for 15 years to save for his son's higher education. The rate of return will be 4% compounded semi-annually for the first 5 years and 8% compounded semi-annually for the subsequent 10 years. Calculate the future value of this ordinary simple annuity, IF HE STOPS payment AFTER 5 YEARS. *
106 237.02
55 782.81
52 782.81
79 196.25
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. McGuigan, Ramesh P. Rao
13th edition
1285198840, 978-1285198842
