Solved: Assume that you want to accumulate 20000 as adown payment, Accounting Basics

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Assume that you want to accumulate 20000 as adown payment

Problem

Assume that you want to accumulate $20,000 as adown payment on a home. You believe that you can save $2,000 persemiannual period, and your bank will pay interest of 6% per year,or 3% per semiannual period. How long will it take you toaccumulate the desired amount?

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Accounting Basics: Assume that you want to accumulate 20000 as adown payment

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Accounting Basics: Assume that you want to accumulate 20000 as adown payment

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