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How much would an original deposit of $500 grow to be after 8 and a half years, if the deposit earns interest at 6.5% per year, compounded quarterly?

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How much would an original deposit of $500 grow to be after 8 and a half years, if the deposit earns interest at 6.5% per year, compounded quarterly?

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E

On the BAII Plus, press 500 PV, 0 PMT, 34 N, 6.5 divide 4 = I/Y, then press CPT FV. On the HP12C, press 500 PV, 0 PMT, 34 n, 6.5 ENTER 4 divide i, then press

FV. Note that N = 34 quarters and the answer is displayed as a negative number. Make sure that the BAII Plus has the P/Y value set to 1.

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