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Solve the Application Problem

Question 11

Multiple Choice

Solve the application problem. Round to the nearest cent. Solve the application problem. Round to the nearest cent. -Find the least amount that could be deposited in a bank account today at 5% compounded semiannually to allow $1875 withdrawals at the end of each 6 months for 11 years. A) $31,435.14 B) $118,564.86 C) $30,346.03 D) $32,497.71
-Find the least amount that could be deposited in a bank account today at 5% compounded semiannually to allow $1875 withdrawals at the end of each 6 months for 11 years.


A) $31,435.14
B) $118,564.86
C) $30,346.03
D) $32,497.71

Correct Answer:

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