A Sum of Money Is Deposited at the End of Every

question 179

Essay

A sum of money is deposited at the end of every 6 months for 9.5 years at 8% compounded semi-annually. After the last deposit, interest for the account is to be 4.5% compounded quarterly and the account is to be paid out by making payments of $4360.00 at the end of each month over 7.75 years. What is the size of the semi-annual deposit?

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Definitions:

Superior Court

A court of general jurisdiction that handles serious criminal and civil cases, above lower courts in the hierarchy.

Subject-Matter Jurisdiction

The power of a court to deal with cases of a specific kind or related to certain subjects.

Minor Courts

These are lower-level courts that handle less serious criminal charges, minor civil disputes, traffic violations, and small claims.

Inferior Trial Courts

Courts of lower rank in the judicial hierarchy, often dealing with less serious crimes or civil disputes.