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You are going to save money for your son’s education. You have decided to place $1,192...

You are going to save money for your son’s education. You have decided to place $1,192 every half year at the end of the period into a saving account earning 9.21 percent per year, compounded semi-annually for the next 9 years. How much money will be in the account at the end of that time period? Round the answer to two decimal places.

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Answer #1

Calculating Future Value,

Using TVM Calculation,

FV = [PV = 0, PMT = 1,192, N = 18, I = 0.0921/2]

FV = $32,324.16

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