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12.Larry decide to begin saving towards the purchase of a backup generator in 5 years. If...

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Finance

12.Larry decide to begin saving towards the purchase of a backupgenerator in 5 years. If he puts $2,000 at the beginning of each ofthe next 5 years in a savings account paying 9 percent compoundedquarterly, how much will you accumulate after 5 years? Note: Youare only making 5 payments, and the first payment is today. a.$11,636.23 b. $13,046.67 c. $11,969.42 d. $12,043.17 e.$13,164.19

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4.4 Ratings (825 Votes)
Annual interest rate 9 Compounded Quarterly Quarterly interest rate 94 225 Effective annual interest rate EAR 12254 1 00930833187890623 930833187890623 Larry puts 2000 at the beginning of the next 5 years Following table shows the cash flow in different    See Answer
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