Question 6

You need to accumulate $25,000 to fund a round-the-world trip in 5 years time. To do this, you will make 10 equal deposits (half yearly) with the first deposit today. If you earn 13.6% per annum compounding twice yearly, what regular deposit will be needed? (round to nearest cent; dont use $ sign or commas)

Select one:

a. $1710.30

b. $1826.60

c. $3812.21

d. $3355.82