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4 years ago

15

Melissa's father is planning to open a savings account to pay for Melissa's college education. He has found a bank that will pay

11 percent interest compounded semi-annually. How much will he need to deposit initially so that in 5 years the balance will be $116,000?

1 answer:

Elodia [21]4 years ago

3 0

Answer:

Initial Deposit = $40,900

Step-by-step explanation:

Working shown in picture.

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