Question

To provide 250,000, Marlou decided to place equal deposit in a fund at the end of each 6 months. A money is invested at 6% converted semi annually. Find the periodic deposit into the sinking fund at the end if 5 years
250 000 = N [ 1.03^10 - 1 ] / .03
250 000 = N [ .3439 ]/.03
N = 21,808.67

Related Questions

Simon wishes to have $400,000 in a retirement fund 20 years from now. He can create the retirement... A man will deposit 6750 in a fund at the end of each 6 months for 10 yrs. Find the size of the fund... A fund was established in 2001, whose history is recorded below: Deposit of $1000 on 1/1/2001, Depos... Select the correct answer. Rick needs a place to store his emergency fund. He has a seasonal job, s...