6
QuizMultiple Choice

Present and Future Value — Quiz

Question 6 • Advanced Financial Algebra

Emilio is planning a dream vacation and decides to save for it. He chooses a plan with a 3% annual interest rate, compounded semiannually. His goal is to accumulate $⁢10,000 in 7 years. What semiannual deposit amount is required for Emilio to reach his goal of $⁢10,000 in 7 years? Round your answer to the nearest dollar. Periodic deposit future value formula: P=(A⁡((r)/(n)))/((1+(r)/(n))^n⁢t−1)

Answer
A
107 dollars
B
1 dollars comma 646
C
822 dollars
D
647 dollars
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