A corporate treasurer wishes to accumulate a total of $1,000,000 thirty years from today (at the end of year 30). He plans to make equal semiannual deposits into an account offering 7 percent compounded semiannually. What must be the amount of these semiannual deposits if the first deposit will be made two and one-half years from today and the l
A corporate treasurer wishes to accumulate a total of $1,000,000 thirty years from today (at the end of year 30). He plans to make equal semiannual deposits into an account offering 7 percent compounded semiannually. What must be the amount of these semiannual deposits if the first deposit will be made two and one-half years from today and the l
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 corporate treasurer wishes to accumulate a total of $1,000,000 thirty years from today (at the end of year 30). He plans to make equal semiannual deposits into an account offering 7 percent compounded semiannually. What must be the amount of these semiannual deposits if the first deposit will be made two and one-half years from today and the last deposit will be made six months before the $1,000,000 is needed?
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