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    Exam 11: Annuities: Periodic Payment, Number of Payments, and Interest Rate
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    Matthew Wants to Buy a Motorcycle
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Matthew Wants to Buy a Motorcycle

Question 42

Question 42

Short Answer

Matthew wants to buy a motorcycle. He feels he will need $20,000 and is saving $500 monthly. If his account earns 5.5% compounded semi-annually, how long will it take for Matthew to have $20,000 saved?

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