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10) Find the amount of 6 semiannual advance payments of $14,500 if the interest is 19% convertible semiannually.

10) Find the amount of 6 semiannual advance payments of $14,500 if the interest is 19% convertible semiannually.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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段階的に解決し、 人工知能を使用せず、 優れた仕事を行います ご支援ありがとうございました SOLVE STEP BY STEP IN DIGITAL FORMAT DON'T USE AI DON'T USE AI DON'T USE AI DON'T USE AI 10) Find the amount of 6 semiannual advance payments of $14,500 if the interest is 19% convertible semiannually.
Transcribed Image Text:段階的に解決し、 人工知能を使用せず、 優れた仕事を行います ご支援ありがとうございました SOLVE STEP BY STEP IN DIGITAL FORMAT DON'T USE AI DON'T USE AI DON'T USE AI DON'T USE AI 10) Find the amount of 6 semiannual advance payments of $14,500 if the interest is 19% convertible semiannually.
Expert Solution
Step 1: Formula

We can determine the future value of the annuity using the formula below:

F V space equals space s e m i a n n u a l space p a y m e n t cross times fraction numerator left parenthesis 1 plus r right parenthesis to the power of n minus 1 over denominator r end fraction

r = semiannual interest rate = 19%/2 = 9.5% = 0.095
n = number of payments = 6

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