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OpenStudy (anonymous):
You deposit $7,500 into a savings plan at the end of every six months. The interest rate is 4% compounded semiannually. Find the value of the annuity after 4 years. Do not round until the final answer. Then, round to the nearest cent. A $210,912.00 B $439,372.27 C $55,757.13 D $64,372.27
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OpenStudy (nottim):
While I don't remember completely, isn't this about annuities?
OpenStudy (anonymous):
Yes it is
OpenStudy (nottim):
So really, just plug this into the annuity formula.
OpenStudy (anonymous):
How many days is semi-annually?
OpenStudy (nottim):
Semi-annually is half a year. And half a year is 6 mths.
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OpenStudy (anonymous):
so is R = 7500, r = 0.04, m =6/12 = 1/2, and t = 4?
OpenStudy (anonymous):
and then plug those numbers into the formula? R = [1+r/m]^mt - 1] over r/m?
OpenStudy (anonymous):
is that right?
OpenStudy (nottim):
I dunno. You're the actual student.
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