You wish to accumulate $14,580 in 6 years. Payments are made at the end of every six-month period into an account earning 7.2% c
ompounded semi-annually. Find the required payment amount to accomplish your goal.
1 answer:
Equation required for this question:
an • 1.072^n = 14,580
Where a = payment every half year and n = number of half years
There are 12 half years in 6 years.
Therefore n = 12, substitute this.
12a • 1.072^12 = 14,580
12a = 14,580 / 1.072^12
12a = 6,330~
a = 527.5 ~
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