Starting three years from today, you make equal annual deposits of $5,000 into an account which offers 12 percent compounded semiannually. (a) How many years from today will it take for your balance to reach exactly $220,606.2574? (b) How many years from today will it take for your balance to reach exactly $233,842.6328? (c) How many years from today will it take for your balance to reach exactly $247,873.1908? [Hint: With semiannual compounding, each of these questions has an exact answer.] Step by step please, as if writing on a sheet of paper and taking notea.
Starting three years from today, you make equal annual deposits of $5,000 into an account which offers 12 percent compounded semiannually. (a) How many years from today will it take for your balance to reach exactly $220,606.2574? (b) How many years from today will it take for your balance to reach exactly $233,842.6328? (c) How many years from today will it take for your balance to reach exactly $247,873.1908? [Hint: With semiannual compounding, each of these questions has an exact answer.] Step by step please, as if writing on a sheet of paper and taking notea.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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- Starting three years from today, you make equal annual deposits of $5,000 into an account which offers 12 percent compounded semiannually. (a) How many years from today will it take for your balance to reach exactly $220,606.2574? (b) How many years from today will it take for your balance to reach exactly $233,842.6328? (c) How many years from today will it take for your balance to reach exactly $247,873.1908? [Hint: With semiannual compounding, each of these questions has an exact answer.]
Step by step please, as if writing on a sheet of paper and taking notea.
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