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14) You need to accumulate $23,000 to fund a round-the-world trip in 4 years time. To do this, you will make 8 equal deposits (half

14)

You need to accumulate $23,000 to fund a round-the-world trip in 4 years time. To do this, you will make 8 equal deposits (half yearly) with the first deposit today. If you earn 5.6% per annum compounding twice yearly, what regular deposit will be needed? (round to nearest cent; dont use $ sign or commas)

a.

$2604.91

b.

$2533.96

c.

$5008.44

d.

$5288.91

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