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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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