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18 September, 08:47

At the beginning of each year, Bill Ross invests $1,400 semiannually at 8% for nine years. The cash value of the annuity due at the end of the ninth year is

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  1. 18 September, 12:32
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    8% of 1,400 is 112. Semiannually is twice a year.

    112 * 18 = 2,016

    cash value = 2,016 + 1,400 = 3,416
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