Riley wants to have $223,959 in her savings account in 9 years. Riley opened her savings account with an initial deposit. Riley intends to make equal deposits of $6,000 into the savings account at the end of every six months for the next nine years. Riley will earn 12% interest compounded semi-annually on all deposits with the bank. Calculate the amount of the initial deposit that Riley must make in order to have $223,959 in her account in nine years.

Riley wants to have $223,959 in her savings account in 9 years. Riley opened her savings account with an initial deposit. Riley intends to make equal deposits of $6,000 into the savings account at the end of every six months for the next nine years. Riley will earn 12% interest compounded semi-annually on all deposits with the bank. Calculate the amount of the initial deposit that Riley must make in order to have $223,959 in her account in nine years. You will need to use the time value of money table factors posted in carmen to answer this question. To access these factors, click modules and then scroll to week 11. Click on the link labeled present \& future value table factors. No credit will be awarded for this question using a means other than these posted table factors to answer this question. Future Value of a Lump-Sum Future Value of a Lump-Sum