tashaunevaughn tashaunevaughn
  • 05-10-2020
  • Mathematics
contestada

How much money would you need to deposit today at 7% annual interest
compounded semi annually to have $50,000 in the account after 6 years?
Your answer

Respuesta :

r0xannewilliams
r0xannewilliams r0xannewilliams
  • 05-10-2020

Answer:

$22,200.60

Step-by-step explanation:

Interest will compount 12 times over 6 years.

1.07^12 = 2.252 times your money

$50,000 / 2.252 = $22,220.60

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