Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sally has invested a constant amount at the end of every six months for the last 4 0 years. She has made wise investment decisions

Sally has invested a constant amount at the end of every six months for the last 40 years. She has made wise investment decisions and has earned a return of 16.4% compounded semi-annually. Today the value of her savings has reached $2,500,000. What amount has she been investing every half-year?
a
$5,834.15
b
$61,983.84
c
$375.29
d
$91.66

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management In The Public Sector Tools Applications And Cases

Authors: Xiaohu Wang

3rd Edition

0765636891, 9780765636898

More Books

Students also viewed these Finance questions

Question

=+How would you change the tone of voice?

Answered: 1 week ago