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Find the semiannual payments needed to accumulate funds

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Question - A Police Department plans to buy an armored van in 5 years. Today, this vehicle would cost $125,000, but the cost is increasing at a rate of 4% annually. Find the semiannual payments needed to accumulate funds to buy the armored van if money earns 24% compounded semiannually.

a. $8,696,24

b. $8,666,24

c. $8,626,24

d. $8,966,24

Reference no: EM133080746

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