Time Value of Money Concepts
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Jean Cleveland currently has $5,750 in a money market account paying 5.65 percent compounded semi-annually. She plans to use this amount and her savings over the next 5 years to make a down payment on a townhouse. She estimates that he will need $15,000 in 5 years. How much should she invest in the money market account semi-annually over the next 5 years to achieve this target?
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Solution Summary
Solution describes the steps to calculate the amount of semi annual investment that will be sufficient to meet the given financial goal.
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Please refer attached file for better understanding of functions in MS Excel.
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- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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