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Calculate the term of contract

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1) How many months will it take to accumulate to $18880.88 at 5.87% compounded semiannually, if $1234.00 is deposited in an account at the beginning of every 6 months?

2) A contract valued at $81500.00 requires payment of $2430.00 at the beginning of every 3 months. If interest is 6.5% compounded quarterly, calculate the term of this contract (round to years and months)

Reference no: EM132643473

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