## Related questions with answers

Question

For the following exercise, determine the value of the annuity for the indicated monthly deposit amount, the number of deposits, and the interest rate.

Deposit amount: $\$ 100$; total deposits: 120 ; interest rate: $10 \%$, compounded semi-annually

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 6Given,

The value of the initial deposit is $\$100$, the total number of deposits is $120$, the interest rate which is compounded semi annually is given as $10\%$,

we are asked to find the the value of the annuity for the indicated monthly deposit amount, the number of deposits, and the interest rate.

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