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Ben plans to make the following deposits into his savings account: $300 in 18 months, 5450 in 24 months and $700 in 36 months. He
Ben plans to make the following deposits into his savings account: $300 in 18 months, 5450 in 24 months and $700 in 36 months. He eams interest at 4% p.a. compounded half-yearly. 1. Ben chooses to use the following equation to calculate his account balance in 4 years. FV = 300 - (1 +0.02)"+ + 450 (1 +0.02)" + 700 + (1 + 0.02)" Calculate each variable in the equation. The variables may or may not be the same value. Show your answer as an integer positive or negative). Do not include units like "years" or "months" (number only). Do not use comma separators. For example, 123456 would be the correct format (0.5 mark) ni n2= (0.5 mark) nga (0.5 mark) 2. Ben chooses to use the following equation to calculate his account balance in 5 years. FV = 300 + (1+1)35 + 450 + (1 + i)* + 700 + (1 + i)2 Calculate the following variable in the above equation: Round your answer to the nearest 0.001% (30p). Do not include the % symbol. Do not use comma separators. For example, if your answer in decimal is 0.123456, 12.346 would be the correct format % (0.5 mark)
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