Determine the amount to deposit semiannually to pay the principal of $4923.99 at a rate 4% annual compound interest for 20 years.
Added by Brian A.
Step 1
Since the interest is compounded semiannually, we need to convert the annual interest rate of 4% to a semiannual interest rate. To do this, we divide the annual interest rate by 2. Semiannual interest rate = 4% / 2 = 2% Show more…
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