Question

Sarah and Joe sold their home and moved out of the country to work as missionaries in a third world country for 3 years. They

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Answer #1

We use the formula:
A=P(1+r/2)^2n
where
A=future value
P=present value
r=rate of interest
n=time period.

A=120,000*(1+0.08/2)^(2*3)

=120,000*1.26531902

=$151838.28(Approx).

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