You decide to deposit $50 in the bank today and to make 10
additional deposits every 6 months beginning 6 months from now, the
first of which will be $50 and increasing $10 per deposit after
that. A few minutes after making the last deposit, you decide to
withdraw the all the money deposited. If the bank pays 8% nominal
interest compounded semiannually, how much money will you
receive?
Homework Answers
Therefore $1175.84 is the answer to this question
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