A bank pays 6% interest, compounded semiannually. Use the appropriate formula to find how much should be deposited (in $) now to yield an annuity payment of $900 at the beginning of each six months, for 14 years. (Round your answer to the nearest cent.) $ ___
A bank pays 6% interest, compounded semiannually. Use the appropriate formula to find how much should be deposited (in $) now to yield an annuity payment of $900 at the beginning of each six months, for 14 years. (Round your answer to the nearest cent.) $ ___
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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A bank pays 6% interest, compounded semiannually. Use the appropriate formula to find how much should be deposited (in $) now to yield an annuity payment of $900 at the beginning of each six months, for 14 years. (Round your answer to the nearest cent.)
$ ____
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