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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 40
Solve the following application problems.
DIVORCE SETTLEMENT The Prestons are getting a divorce, and part of the divorce settlement involves setting aside money today for college tuition for their daughter who enters college in 7 years. They estimate that the cost of four years' tuition, food, and lodging at the state university their daughter will attend will be $40,000. Find (a) the lump sum that must be invested at 6% compounded semiannually and (b) the amount of interest earned.
DIVORCE SETTLEMENT The Prestons are getting a divorce, and part of the divorce settlement involves setting aside money today for college tuition for their daughter who enters college in 7 years. They estimate that the cost of four years' tuition, food, and lodging at the state university their daughter will attend will be $40,000. Find (a) the lump sum that must be invested at 6% compounded semiannually and (b) the amount of interest earned.
Explanation
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The following table is given, 
The inte...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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