Use Tables 12-1 and 12-2 from Your Text to Answer

question 32

Short Answer

Use Tables 12-1 and 12-2 from your text to answer the following problems. (Round dollars to the nearest cent)
-Refer to Narrative in your text 12-1. Denise Rhodes wants to establish a savings plan that will enable her to accumulate $25,000 in 12 years.
A)What equal payments would be needed at the END of every 6 months if she could invest at 16% interest compounded semi-annually?
B)What equal payments would be needed annually if she could invest at 18% interest compounded annually?

• A)What equal payments would be needed at the END of every 6 months if she could invest at 16% interest compounded semi-annually?
• B)What equal payments would be needed annually if she could invest at 18% interest compounded annually?