You invested your summer earnings into and annuity from which you can draw expenses while you are at university. If you need to withdraw $1200 each month for 9 months of university, how much do you need to invest into an account, earning 6% per year, compounded semi-annually, in order to cover your expenses?

10538.07

Step-by-step explanation:

find the effective semiannual rate: .06/2= .03

conver this into an effective monthly rate

this is our montlhy effective rate. use this to calculate teh present value of 9 1200 dollars payments

which rounds to 10538.07

let m = monomial

let t = trinomial

so, m times t = t.

monomial times a trinomial = another trinomial.