Simmons Montgomery
05/05/2024 · Junior High School
\( 1 \leftarrow \) You want to receive \( \$ 400 \) at the end of every six months for 5 years. Interest is \( 5.4 \% \) compounded semi-annually. (a) How much would you have to deposit at the beginning of the 5 -year period? (b) How much of what you receive will be interest? (a) The deposit is \( \$ 505.91 \). (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed
Upstudy ThothAI Solution
Tutor-Verified Answer
Quick Answer
**Part (a):** You need to deposit **\$3,493.60** at the beginning of the 5-year period.
**Part (b):** A total of **\$506.40** of what you receive will be interest.
Step-by-step Solution
Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text
Enter your question here…
By image
Re-Upload
Submit