Question
a.) You decide to save for a car costing $1200. You want to make deposits for 24 months into an account which pays 3% monthly.
a.) You decide to save for a car costing $1200. You want to make deposits for 24 months into an account which pays 3% monthly. What is your monthly deposit?
b.) Dillion Savage decides to make semiannual $5000 deposits into an account which pays 5% compounded semiannually. If his first deposit is on January 1, 2021, then how much is in the account immediately after the deposit on January 1, 2030? (Dont forget the PV is period before the first payment)
* If it is alright with you, can I get some assistance with both of these parts? Both parts are giving me some trouble and I am not sure on what to do here. Both parts count as one problem, so I would really appreciate the help. Thanks!
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