maddie6825
21.10.2020 •
Business
Suppose you invest semiannually for 25 years in an annuity that pays 5% interest, compounded semiannually. At the end of the 25 years, you have $500,000. How much of this total is interest? Enter your answer rounded to the nearest hundred dollars.
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Ответ:
$354,500
Explanation:
First find the amount invested ie the Present Value as follows :
n = 25 × 2 = 50
i = 5%
P/yr = 2
Pmt = $0
Fv = $500,000
Pv = ?
Using a Financial Calculator to enter the amounts as above, the Present Value is $145,471
Total Interest = Future Value - Present Value
= $500,000 - $145,471
= $354,529
Thus interest is $354,500 (nearest hundred dollars).
Ответ:
Explanation:
Double Entry