Kyla wants to have an annuity payment of $400, at the end of each six months. Use the appropriate formula to find how much she should deposit (in $) now at 6% interest, compounded semiannually, to yield this payment for 12 years. ( Round your answer to the nearest cent.) $

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 11E
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Kyla wants to have an annuity payment of $400, at the end of each six months. Use the appropriate formula to find how
much she should deposit (in $) now at 6% interest, compounded semiannually, to yield this payment for 12 years. (
Round your answer to the nearest cent.) $
Transcribed Image Text:Kyla wants to have an annuity payment of $400, at the end of each six months. Use the appropriate formula to find how much she should deposit (in $) now at 6% interest, compounded semiannually, to yield this payment for 12 years. ( Round your answer to the nearest cent.) $
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