PFIN 7:STUDENT EDITION-TEXT
7th Edition
ISBN: 9780357033616
Author: Billingsley
Publisher: CENGAGE L
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Chapter 6, Problem 7FPE
Summary Introduction
To identify: The credit card representing the better deal for Person G in two cases
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It is now January 1. You plan to make a total of 5 deposits of $500 each, one every 6 months, with the first payment being made today. The bank pays a nominal interest rate of 14% but uses semiannual compounding. You plan to leave the money in the bank for 10 years. Round your answers to the nearest cent.
1. How much will be in your account after 10 years?
2. You must make a payment of $1,280.02 in 10 years. To get the money for this payment, you will make five equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 14% with quarterly compounding. How large must each of the five payments be?
Don't used hand raiting and don't used Ai solution
Don't used Ai solution and don't used hand raiting
Chapter 6 Solutions
PFIN 7:STUDENT EDITION-TEXT
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