You are wishing to accumulate $8,000 for an expedition in 5 years’ time. To do this, you will make 10 equal deposits (half yearly) with the first deposit today. If you earn 6.3% per annum compounding twice yearly, what deposit will be needed? (round to nearest cent; don’t use $ sign or commas)

You are wishing to accumulate $8,000 for an expedition in 5 years’ time. To do this, you will make 10 equal deposits (half yearly) with the first deposit today. If you earn 6.3% per annum compounding twice yearly, what deposit will be needed? (round to nearest cent; don’t use $ sign or commas)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 34P

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