Harvs Meats will need to buy a new deboner machine in 4 years. At that time Harv expects the machine to cost $12,000. To accumulate enough money to pay for the machine, Harv decides to deposit a sum of money at the end of each 6-month period in an account paying 4% compounded semiannually. How much should each payment be?
Chapter 12, Section 12.2 #39
Harv’s Meats will need to buy a new deboner machine in 4 years. At that time Harv expects the machine to cost $12,000. To accumulate enough money to pay for the machine, Harv decides to deposit a sum of money at the end of each 6-month period in an account paying 4% compounded semiannually. How much should each payment be?
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