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Compute the amount Michael would withdraw

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Question - Michael Jackson invests $32,500 at 10% annual interest, leaving the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Michael withdraws the accumulated amount of money.

1. Compute the amount Michael would withdraw assuming the investment earns interest compounded semiannually.

2. What is the future value of 17 periodic payments of $7,160 each made at the end of each period and compounded at 10%?

3. What is the future value of 17 deposits of $3,500 each made at the beginning of each period and compounded at 10%?

4. Monty Corporation, having recently issued a $20,134,100, 15-year bond issue, is committed to make annual sinking fund deposits of $613,500. The deposits are made on the last day of each year and yield a return of 10%. Determine the amount of deficiency.

Reference no: EM132639914

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