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Math Help - Accumulatepd payments

  1. #1
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    Accumulatepd payments

    In order to accumulate $1,500,000 in 60 years, a fund by making semi-annual payments into an account paying 11.5% semi-annually. What must
    each payment be?

    n=60 x 2=120
    i=.115

    so how do you set it up

    I know its something with geometric possession
    now what.
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  2. #2
    MHF Contributor
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    Re: Accumulatepd payments

    [QUOTE=tenrear3;757680n=60 x 2=120
    i=.115
    so how do you set it up
    [/QUOTE]
    Not quite: i = .115/2 : 11.5% is annual, paid semi-annually.

    P = 1500000(.115/2) / [(1 + .115/2)^120 - 1] ; P = 105.352327...
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