How much money Susan must put into her savings account

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Question - Susan wants to buy a car when she graduates from Central University 4 years from now. She believes that she will need $29,900 to buy the car.

(a) Calculate how much money Susan must put into her savings account today to have $29,900 in 4 years, assuming she can earn 12% compounded annually.

(b) Calculate how much money Susan must put into her savings account today to have $29,900 in 4 years, assuming she can earn 12% compounded semiannually.

Reference no: EM133085104

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