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QUESTION
Twenty semi-annual deposits are made earning interest of 5% compounded semi-annually. The size of the first deposit is $1,200 and the deposits...
Twenty semi-annual deposits are made earning interest of 5% compounded semi-annually. The size of the first deposit is $1,200 and the deposits increase at 1.5% thereafter.
a) Determine the total amount deposited.
b) How much was the accumulated value [Future Value] of the deposits just after the last deposit was made?
c) What is the size of the 12th deposit?
d) What is the amount of interest included in the accumulated value?
