Answered

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Kathryn deposits 100 into an account at the beginning of each 4-year period for 40 years. The account credits interest at an annual effective interest rate of i. The accumulated amount in the account at the end of 40 years is X, which is 5 times the accumulated amount in the account at the end of 20 years. Find X

Sagot :

Answer:

X=6.195

Attached please find equation.

Step-by-step explanation:

Let 1+i∗=(1+i)4 so that the calculation using annuity

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