A Developer Wants to Buy a Certain Parcel of Land

question 30

Multiple Choice

A developer wants to buy a certain parcel of land. The developer feels she can afford payments of $26,000 each half-year for the next 6 years. How much can she borrow and hold to this budget at an annual rate of 7.2% compounded semianually? Round your answer to the nearest cent. ​

• A)$413,166.55
• B)$249,774.48
• C)$558,705.90
• D)$615,256.64
• E)$138,088.45

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Definitions:

Rh-negative

A blood type classification indicating the absence of the Rh (Rhesus) factor antigen on the surface of red blood cells.

Hemoglobin

Hemoglobin is a protein in red blood cells responsible for transporting oxygen from the lungs to the body's tissues and returning carbon dioxide from the tissues back to the lungs.

Oxygen

A chemical element (O) essential for life, involved in cellular respiration, where it is used to produce energy from the breakdown of molecules like glucose.

Affinity

The degree to which a substance tends to combine with another, often used in the context of biochemical reactions.