2. Adrian wants to have $22 500 in 4 years to start a mechanic shop. He plans to save the money by making regular deposits into an annuity that earns 11.9% per year compounded semi-annually. What semi-annual deposits does Adrian have to make?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 5SE: What is an annuity?
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2. Adrian wants to have $22 500 in 4 years to start a mechanic shop. He plans to save the
money by making regular deposits into an annuity that earns 11.9% per year
compounded semi-annually.
What semi-annual deposits does Adrian have to make?
Transcribed Image Text:2. Adrian wants to have $22 500 in 4 years to start a mechanic shop. He plans to save the money by making regular deposits into an annuity that earns 11.9% per year compounded semi-annually. What semi-annual deposits does Adrian have to make?
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