How Much Does a Depositor Have to Save at the Beginning

question 126

Essay

How much does a depositor have to save at the beginning of every 6 months for twenty years to accumulate $1 000 000.00 if interest is 6.00% compounded semi-annually?

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Definitions:

Pigeon Pies

Traditional British pies made with pigeon meat, often served as a game dish.

Output

The aggregate production of merchandise or services by a corporation, sector, or economy.

Profit

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Pigeon Pies

A traditional dish made from pigeons, emblematic of historical culinary practices, but may vary in relevance and popularity across cultures.