Question
You currently have $9,100 (Present Value) in an account that has an interest rate of 3.5% per year compounded semi-annually (2 times per year). You
You currently have $9,100 (Present Value) in an account that has an interest rate of 3.5% per year compounded semi-annually (2 times per year). You want to withdraw all your money when it reaches $16,380 (Future Value). In how many years will you be able to withdraw all your money?
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk
11th Edition
0324422865, 978-0324422863
