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## a) It is now January 1. You plan to make a total of 5 deposi

Assignment Help Finance a) It is now January 1. You plan to make a total of 5 deposi

# a) It is now January 1. You plan to make a total of 5 deposi

a) It is now January 1. You plan to make a total of 5 deposits of \$300 each, one every 6 months, wit… Show more a) It is now January 1. You plan to make a total of 5 deposits of \$300 each, one every 6 months, with the first payment being made today. The bank pays a nominal interest rate of 14% but uses semiannual compounding. You plan to leave the money in the bank for 5 years. How much will be in your account after 5 years? Round your answer to the nearest cent. \$ b) You must make a payment of \$1,828.74 in 10 years. To get the money for this payment, you will make 5 equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 8% with quarterly compounding. How large must each of the 5 payments be? Round your answer to the nearest cent. \$ • Show less

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