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What is the size of the payments that must be deposited at the beginning of each...

What is the size of the payments that must be deposited at the beginning of each 6-month period in an account that pays 8.2%, compounded semiannually, so that the account will have a future value of $170,000 at the end of 12 years? (Round your answer to the nearest cent.)
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Answer #1

the formula for future value is

but here payment frequency is at the beginning of each 6-month

so we need to multiply

so our formula is

.

FV=170000

n=2 for semi-annual payment

r=8.2% = 0.082

t=12 years

PMt=?

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