Problem related to compound interest
Problem:Mr Jones wants to save for his son's college education. If he deposits $500 every 6 months at 6% compounded semiannually, how much will he have on hand at the end of 8 years?
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Fill in the missing values; identify the flexible budget as favorable or unfavorable.
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If the trust fund amounts to $20,000 earning 8% compounded semiannually and he is to receive the money in equal semiannual installments
If he deposits $500 every 6 months at 6% compounded semiannually, how much will he have on hand at the end of 8 years?
The student wants to pay off the loan in 4 years. Find the quarterly payment.
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Question: Have you ever daydreamed about receiving a $1 million check? How would you invest it?
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