Draw a timeline in your notes to practice, then use the one below to help...
80.2K
Verified Solution
Link Copied!
Question
Finance
Draw a timeline in your notes to practice, then use the one below to help you! Tom started his career with Oracle with an intention to retire in 25 years. When he retired, he started receiving $66 000 every 6 months for 15 years, starting on the date of his retirement. How much did Tom deposit in an account at the start of his career, if interest is 9.25% compounded semi-annually? Retirement Start of career (semi-annual periods) 40 years today 1 2 50 51 79 80 semi-annual periods IY = ? $66,000 $66,000 .......... $66,000 CY = ? 25 yrs 49 PV,=? + FV PV, n = ? FV, = 0 n2 = ? Select one: a. $147.332 b. $1.108.432 C$115,594 d. $1,449,334 e. $79,360
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
