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15. Problem 5.36 (Nonannual Compounding) 9 eBook a. You plan to make five deposits of $1,000 each, one every 6 months, w
Posted: Fri Jul 01, 2022 7:51 am
by answerhappygod
- 15 Problem 5 36 Nonannual Compounding 9 Ebook A You Plan To Make Five Deposits Of 1 000 Each One Every 6 Months W 1 (21.75 KiB) Viewed 32 times
15. Problem 5.36 (Nonannual Compounding) 9 eBook a. You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 6% nominal interest, compounded semiannually, how much will be in your account after 3 years? Do not round intermediate calculations. Round your answer to the nearest cent. $ b. One year from today you must make a payment of $5,000. To prepare for this payment, you plan to make two equal quarterly deposits (at the end of Quarters 1 and 2) in a bank that pays 6% nominal interest compounded quarterly. How large must each of the two payments be? Do not round intermediate calculations. Round your answer to the nearest cent. $