How much will the Apple Corporation have to set aside each period to have $40,000 eight years from now? Assume money is at 12% compounded semiannually.
What will be an ideal response?
$1,560
Table 13-3, Interest = 12% / 2 = 6%, Periods = 8 × 2 = 16; $40,000 × .0390 = $1,560.
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