Math Problem Statement
Calculate the regular deposit made twice a year for 5 years at 6% compounded semi-annually(x2) to accumulate an amount of 4'000$ using this formula: Future Value= R[(1+i)^n-1/i].
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Ordinary Annuities
Algebra
Formulas
Future Value of Ordinary Annuity: FV = R[(1 + i)^n - 1] / i
Theorems
Compound Interest Theorem
Annuity Formula
Suitable Grade Level
Grades 11-12, College
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