SOLUTION: You're planning to make a one-time deposit into an account paying 8.3% annual interest, compounded semiannually. you want to have $76,500 at the end of 6 years. How much do you nee
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Question 1202754: You're planning to make a one-time deposit into an account paying 8.3% annual interest, compounded semiannually. you want to have $76,500 at the end of 6 years. How much do you need to deposit today to make this happen? Answer by ikleyn(52781) (Show Source):
You can put this solution on YOUR website! .
You're planning to make a one-time deposit into an account paying 8.3% annual interest,
compounded semiannually. You want to have $76,500 at the end of 6 years.
How much do you need to deposit today to make this happen?
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Let X be the value under the problem's question, now unknown.
Then we have THIS equation for the future value
76500 = .
It gives us the ANSWER
X = = use your calculator = 46962.39 dollars (rounded to the closest greater cent).
