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Thomas aims to have a deposit for an apartment of at least $56000 in 3 years' time by investing! in an annuity. The annuity has
Thomas aims to have a deposit for an apartment of at least $56000 in 3 years' time by investing! in an annuity. The annuity has an interest rate of 8% p.a. compounded biannually. Use the table in question 8 to calculate Thomas's six-monthly contribution to achieve his deposit. Answer correct to the nearest dollar. The table below shows the future value of an annuity with a payment or contribution of $1. 285 End of year 3% 8% 6% 1.0000 7% 1.0000 1.0000 1.0000 2 2.0300 2.0600 2.0700 2.0800 Future value of $1 4% 5% 1.00001 1.0000 2.0400 2.0500 3.1216 3.1525 | 4.2465 4.3101 .4163 5.5256 6.6330 6.80196 3.0909 3.1836 | 3.2149 3.2464 4 4.1836 4.3746 4.4399 4.5061 5.3091 5 5.6371 .9753 5.7507 7.1533 5.8666 7.3359 6.4684
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