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Sagot :
Step-by-step explanation:
write what you know
P = 1,000
n = 5 years
Plan 1
i = 0.04 / 2 months = (0.04 / 2 months) x (12 months / year) = 24%
write and solve
future value = p(1+i)^n = 1000(1+0.24)^5
plan 2
i = 0.10 / 6 months = (0.10 / 6 months) x (12 months / year) = 20%
write and solve
future value = p(1+i)^n = 1000(1+0.20)^5
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