If a credit union awards interest of 8 percent per year compounded semiannually, what amount must be deposited today in order to accumulate 80,000 after 8 years? How much interest will be earned during 8 years.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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If a credit union awards interest of 8 percent per year compounded semiannually, what
amount must be deposited today in order to accumulate 80,000 after 8 years? How
much interest will be earned during 8 years.
Transcribed Image Text:If a credit union awards interest of 8 percent per year compounded semiannually, what amount must be deposited today in order to accumulate 80,000 after 8 years? How much interest will be earned during 8 years.
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