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How much money will be accumulated in 5 years from a deposit of $8000 every 6 months if the interest rate is 19% per month? . $122,333 $106,192 O $150,000 C $172.334

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

blad
How much money will be accumulated in 5 years from a deposit of $8000 every
6 months if the interest rate is 1% per month?
.e $122,333
$106,192
O $150,000
C $172,334
中 a
HUAWEI

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Step 1: Calculate effective interest rate per 6-month period (Payment Period)

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Step 2: Calculate future amount F from A

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