What is the difference of -9 + 2i and 4 - 6i?
1 answer:
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Given rate is = 7% or 0.07
Total amount needed = $12000
Time = 4 years
Here, the deposit is compounded semiannually, means twice per year and this gives 8 annual compounding periods in 4 years.
The equation becomes:
P=
P =
Solving it, we get P = $ 9112.93
Hence $9112.93 should be deposited today.