You deposit $1,000 into an account every six months to help with your down payment savings for a home. How much will you have at the end of seven years if the account has a monthly compound annual percentage rate of 14%? (Tip: first figure out the effective semiannual interest rate.)
You deposit $1,000 into an account every six months to help with your down payment savings for a home. How much will you have at the end of seven years if the account has a monthly compound annual percentage rate of 14%? (Tip: first figure out the effective semiannual interest rate.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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You deposit $1,000 into an account every six months to help with your down payment savings for a home. How much will you have at the end of seven years if the account has a monthly compound annual percentage rate of 14%? (Tip: first figure out the effective semiannual interest rate.)
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