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Smith Bank pays interest fortnightly with the interest rate quoted as an effective annual rate (EAR) of 7%. B (a) What amount of interest
Smith Bank pays interest fortnightly with the interest rate quoted as an effective annual rate (EAR) of 7%. B (a) What amount of interest will you earn each fortnight? (2 marks) (b) If you currently do not have any savings in your bank account, how much will you need to save at the end of each fortnight to accumulate $50,000 in 10 years? Round your answer to 2 decimal places. (3 marks)
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Answer To accumulate 50000 in 10 years you will need to save 20138 at the end of each fortnight To ...
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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
