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stich3 [128]
3 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?

Mathematics
1 answer:
Elodia [21]3 years ago
3 0

Answer:

Initial Deposit = $40,900

Step-by-step explanation:

Working shown in picture.

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