An investment company pays 8​% compounded semiannually. You want to have $12,000 in the future. How much should you deposit now to have that amount 5 years from​ now? (Round to the nearest cent)

QUESTION POSTED AT 01/06/2020 - 04:36 PM

Answered by admin AT 01/06/2020 - 04:36 PM

Let d be the necessary amount for your deposit. Then:
12000=d x (1+.08/2)^2x5
12000=d x (1.04)^10
d=8106.77 ☺☺☺☺
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