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It is now January 1. You plan to make a total of 5 deposits of $100 each, one every 6 months, with the first payment

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It is now January 1. You plan to make a total of 5 deposits of $100 each, one every 6 months, with the first payment being made today. The bank pays a nominal interest rate of 12% but uses semiannual compounding. You plan to leave the money in the bank for 10 years. a. How much will be in your account after 10 years? b. You must make a payment of $1,432.02 in 10 years. To get the money for this payment, you will make five equal deposits, beginning today and for the following 4 quarters, in a bank that pays a nominal interest rate of 12% with quarterly compounding. How large must each of the five payments be? Anne Laclaun

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