Question
You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments of $280 (first payment made at t
You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments of $280 (first payment made at t = 1), followed by five annual payments of $584 , followed by four annual payments of $765 . How much did you borrow? Round to 2 decimal places.
Sam refuses to retire until his retirement account has a balance of at least $ 300,472 . Sam refuses to make any more deposits in the account. The account currently has a balance of$ 122,416 and earns 6% per year, compounded semi-annually. How long does Sam have before he will retire? Round to 2 decimal places.
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