Shane's father is planning to open a savings account to pay for Shane's college education. He has found a bank that will pay 8 percent interest compounded semi annually. How much will he need to deposit initially so that in 18 years the balance will be $87,000? Round to nearest cent.
Shane's father is planning to open a savings account to pay for Shane's college education. He has found a bank that will pay 8 percent interest compounded semi annually. How much will he need to deposit initially so that in 18 years the balance will be $87,000? Round to nearest cent.
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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Shane's father is planning to open a savings account to pay for Shane's college education. He has found a bank that will pay 8 percent interest compounded semi annually. How much will he need to deposit initially so that in 18 years the balance will be $87,000? Round to nearest cent.
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