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You currently have $5,500 (Present Value) in an account that has an interest rate of 6.5%...

Question

You currently have $5,500 (Present Value) in an account that has an interest rate of 6.5%...

You currently have $5,500 (Present Value) in an account that has an interest rate of 6.5% per year compounded semi-annually (2 times per year). You want to withdraw all your money when it reaches $9,900 (Future Value). In how many years will you be able to withdraw all your money?

Answers

Ans 9.19 years

FV = Future Value PV = Present Value r= rate of interest n= no of period


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