A midcareer engineer hopes to have $2 million available for his use when he retires 20 years
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A midcareer engineer hopes to have $2 million available for his use when he retires 20 years from now. He plans to deposit a uniform amount semiannually, beginning now and every 6 months thereafter through the end of year 20. If his investment account has a yearly return of 8% per year, compounded quarterly, the interest rate, i, that must be used in the A∕F equation to determine the size of the uniform deposits is:
(a) 2%
(b) 8.24%
(c) 8.00%
(d) 4.04%
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