Answer to Question #77223 in Other Engineering for Nina
2. A dentist wants to determine how much money she needs to put up in a bank now to have enough cash to pay for her yearly out-of-country trips. For the next year, the price of an airplane ticket is 13500 and is assumed to increase by 18% per year each year. She wants to have four out-of-country trips starting next year. How much money she needs to put in an account now if the bank is charging at a rate 9% compounded semi-annually? (Draw the cash flow diagram)
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