Business, 16.03.2020 21:57 jordynnmarelich1194
Parents agree to invest $700 (at 12%, compounded semiannually) for their son on the December 31 or June 30 following each semester that he makes the dean's list during his 4 years in college. If he makes the dean's list in each of the 8 semesters, how much money will his parents have to give him when he graduates
Answers: 1
![Future \ value = Pmt[\frac{(1+r)^n-1}{r} ]\\\\Future \ value = 700[\frac{(1+0.06)^{8}-1}{0.06} ]\\\\Future \ value = 700[\frac{(1.06)^{8}-1}{0.06} ]\\\\Future \ value = 700[\frac{1.593848-1}{0.06} ]\\\\Future \ value = 700[\frac{0.593848}{0.06} ]\\\\Future \ value = 700[9.897466783]\\\\Future \ value = 6,928.22748\\\\](/tpl/images/0549/3078/7581b.png)
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Parents agree to invest $700 (at 12%, compounded semiannually) for their son on the December 31 or J...
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