Today you are just notified that you won a prize that gives you a total of 7
Fantastic news! We've Found the answer you've been seeking!
Question:
Today you are just notified that you won a prize that gives you a total of 7 cash awards of $5,000 each, one every 6 months with the first award being made today. You decide to save each of them in the bank and after the last cash award keep all the money saved until a future date. The bank pays a nominal interest rate of 13% but uses semiannual compounding. How much your account with the bank be if you leave the money in the bank to be withdrawn all in 10 years from today?
Round to the nearest $0.01 but do not use the $ sign. DO NOT USE commas to separate thousands. For example if you obtain $1,432.728 then enter 1433.73; if you obtain $432 then enter 432.00.
Related Book For
Fundamentals of Financial Management
ISBN: 978-0324664553
Concise 6th Edition
Authors: Eugene F. Brigham, Joel F. Houston
Posted Date: