Question
To help you reach your $1,000 goal, your father offers to give you $400 next January 1. You will get a part-time job and make
To help you reach your $1,000 goal, your father offers to give you $400 next January 1. You will get a part-time job and make six additional payments of equal amounts each six months thereafter. If all of this money is deposited in a bank that pays 8 percent, compounded SEMIANNUALLY, how large must each of the six payments be?
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Principles of Finance
Authors: Scott Besley, Eugene F. Brigham
6th edition
9781305178045, 1285429648, 1305178041, 978-1285429649
