Example 2.3 It is desired to accumulate $5,000 at the end of a 15-year period. What amount needs to be invested if the annual interest rate is 10% compounded semi-annually? Assume the given interest rate is a nominal rate and that the principal is compounded at 5% per period.

Repeat Example Problem (3.2)

Assume: (A) i=10% compound -semi-annually (B) i=10% compound -Quarterly over 15 Years Using Effective Interest rate Formula and Factor Tables (and Formulas) in your solution.