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    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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    https://brainmass.com/business/the-time-value-of-money/time-value-money-concepts-example-problem-464617

    Solution Preview

    Please refer attached file for better understanding of functions in MS Excel.

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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.

    $2.19