You would like to have 3500 in 3 years for a special vacation following graduation...
50.1K
Verified Solution
Link Copied!
Question
Calculus
You would like to have 3500 in 3 years for a special vacation following graduation by making deposits at the end of every six months in an annuity that pays 4 compounded semiannually Answer parts a and b i Click the icon to view some finance formulas a How much should you deposit at the end of every six months In order to have 3500 in 3 years you should deposit s at the end of every six months Do not round until the final answer Then round up to the nearest dollar b How much of the 3500 comes from deposits and how much comes from earnings S of the 3500 comes from your deposits and comes from interest Use the answer from part a to find this answer Round to the nearest dollar as needed More info In the provided formulas P is the deposit made at the end of each compounding period for an annuity that pays an annual interest rate r in decimal form compounded n times per year and A is the value of the annuity after t years A 9 r nt auon by mar 1 P A rnt A
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
