Now that the new business is performing very well, Smith starts to think about his savings. He reads a book about financial planning. Books says that readers should challenge themselves to save enough that they have amount equal to one pay cheque at the end of each year. Smith has never thought about savings in this way before. He decides to test how much money he will have accumulated after 30 years if he puts aside one pay cheque after every 6 months.

Putting aside one pay cheque every 6 months means semi-annual deposits of $750 for next 30 years. Smith assumes that he will get a deal for 6% annual interest compounded semi-annually. Find the future value of this semi-annual ordinary annuity, total investment made by Smith and total interest earned.