You decide to save $6800 by making semiannual deposits for 5 years into an account which pays 3% compounded semiannually. Once the payments stop, you plan to leave the money in the account for an additional 5 years. What size deposits do you need to make? The deposits need to be $ every six months. (Round to 2 decimal places.)

You decide to save $6800 by making semiannual deposits for 5 years into an account which pays 3% compounded semiannually. Once the payments stop, you plan to leave the money in the account for an additional 5 years. What size deposits do you need to make? The deposits need to be $ every six months. (Round to 2 decimal places.)

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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