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seraphim [82]
2 years ago
11

Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would like the account to have a balance of $1

50,000 4-years from now. How much must Shane deposit to accomplish his goal
Business
1 answer:
masya89 [10]2 years ago
4 0

Answer:

Amount deposit = $118,411.4 (Approx.)

Explanation:

Given:

Future amount = $150,000

Rate of interest = 6% compounds semiannual

Number of year = 4 year

Find:

Amount deposit

Computation:

Compounds semiannual

So,

Rate of interest = 6% / 2 = 0.03

Time taken = 4 x 2 = 8 times

So,

A = P[1+r]ⁿ

150,000 = p[1+0.03]⁸

150,000 = p[1.03]⁸

150,000 = p[1.26677]

p = 150,000 / 1.26677

p = 118,411.393

Amount deposit = $118,411.4 (Approx.)

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