A worker age 40 wishes to accumulate a fund for retirement by depositing $3000 at the beginning of each half a year for 25 years. Assuming all payments are certain to be made, find the amount he will pay, if the effective interest rate is 8% compounded annually.

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A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

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A:

Q: A man is planning to retire in 20 years Money can be deposited at 6% interest compounded monthly,…

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A: The series of payments at the beginning of each period is called an annuity due.

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A: Payment = p = $2150Time = t = 35Interest Rate = r = 12%

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A: Paying someone or something, or being compensated, is an event or a procedure.

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Q: what is her payment?

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