Find the amount that should be invested now to accumulate the following amount, if the money is compounded as indicated. $8000 at 7% compounded semiannually for 11 yr $2300 at 5% compounded annually for 9 yr
Added by Teresa G.
Step 1
Plugging in the values, we get: 8000 = P(1 + 0.07/2)^(2*11) 8000 = P(1.035)^22 P = 8000/1.035^22 P = $3,758.67 Show more…
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