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A deposit is made every​ half-year into a savings account paying 4% interest compounded semiannually. The balance after 9 years is $9,000. Calculate the rent of the increasing annuity.

 

The rent is $__

(Do not round until the final answer. Then round to the nearest cent as​ needed.)

 May 6, 2019
 #1
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What do you mean by "rent"? Do you want the semi-annual payments made to get the balance of $9,000 after 9 years @ 4% compounded semi-annually?

 May 6, 2019
 #2
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Not sure honestly, thats what the question says.

treeko  May 6, 2019
 #3
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FV=9000; R=0.04/2; N=9*2;PMT = FV*(((1 + R)^N - 1)^-1* R)

PMT =$ 420.32 - This is the semi-annual deposit.

 May 6, 2019

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