Question
a.) Deposits of $1000 are made semiannually into an account which earns 8% semiannually. If the deposits will be made for 9 years, then how
a.) Deposits of $1000 are made semiannually into an account which earns 8% semiannually. If the deposits will be made for 9 years, then how much will be in the account 8 years after the last deposit?
b.) How much do you need to deposit on April 1, 2019 so that you can make a series of monthly withdrawal of $500? The first withdrawal will be made on May 1, 2025 and the last is made on May 1, 2030. The interest rate is 10% compounded monthly.
* If it is alright with you, can you please assist me with both of these parts here? I am having trouble trying to understand and go about processing with these parts. Both parts count as one problem, so I would really appreciate the help. Thanks!
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