Maryann is planning a wedding anniversary gift of a trip to Hawaii for her husband at the

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Maryann is planning a wedding anniversary gift of a trip to Hawaii for her husband at the end of 3 years. She will have enough to pay for the trip if she invests $2,500 per year until that anniversary and plans to make her first $2,500 investment on their first anniversary. Assume her investment earns a 4 percent interest rate, how much will she have saved for their trip if the interest is compounded in each of the following ways?

a. Annually

b. Quarterly

c. Monthly

Posted Date: Nov 04, 2021 08:31 AM

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Maryann is planning a wedding anniversary gift of a trip to Hawaii for her husband at the

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a Annuity per year P 2500 number of deposits n 3 interest rate is 4 r 4 compounding in done annually ... View the full answer

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