Example 1: To save for your property in the next 5 years, at the end of each month, you plan to deposit into a saving account the amount of $650. If the bank pays interest rate of 8% p.a, compounding monthly, how much money you will end up with after 5 years? Example 2: Assuming today is 1/7/2019. Your mother promises you that she will deposit $1,000 at the end of each half year from today for 6 years (i.e. the first payment will be on 31/12/2019 and the last payment will be on 30/6/2025). This deposit will yield an interest rate of 7.2% p.a compounding semi-annually. Calculate the account balance at: - 31/12/2022 - 30/06/2025 COL OF BUSINESS AND ECONOMICS MacBook Air