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A) 6% B) 7% C) 8% D) 9% E) unable to determine from the information given

Explanation / Answer

QUESTION - 1

12% annual rate = (12/2) = 6% semi-annual rate

Number of periods = 4 x 2 = 8

Future value at end of 8 periods (4 years)

= $6,000 x FVIFA(6%, 8) = $6,000 x 9.9760 [From PVIFA table] = $59,856

Note: First question is answered.

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