Asked by lynn

Jane needs $30,000 to buy another car in eight years. How much should she deposit at the end of each half year into an account that earns 6% interest compounded semiannually?
Answered by Damon
1.03 per period
16 periods

30,000 = x [(1.03)^16 -1] /0.03
30,000 = 20.157 x
x = 1488