What Is the Size of the Payments That Must Be

question 33

Multiple Choice

What is the size of the payments that must be deposited at the beginning of each 6-month period in an account that pays an annual rate of 8%, compounded semiannually, so that the account will have a future value of $110,000 at the end of 11 years? Round your answer to the nearest cent. ​

• A)$17,573.48
• B)$7,842.69
• C)$916.44
• D)$3,088.34
• E)$1,597.49

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Definitions:

Episodic Memory

A durable memory category aimed at the recollection of individual instances, settings, and autobiographical experiences.

Declarative Memory

A component of long-term memory that stores facts and information, accessible to conscious thought.

High School

An educational institution for adolescents that typically encompasses grades 9 through 12 in the United States, or equivalent levels in other countries, providing secondary education.

Multiple Causes

A principle acknowledging that outcomes often have more than one cause, highlighting the complexity of determining singular explanations for events or phenomena.