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You would like to have $3,000 in 4 years for a special vacation following graduation by making deposits at the end of every six months
You would like to have $3,000 in 4 years for a special vacation following graduation by making deposits at the end of every six months in an annuity that pays 3.5% compounded semiannually. Determine how much you should deposit at the end of every six months. How much of the $3,000 comes from deposits and how much comes from interest? a. In order to have $3,000 in 4 years, you should deposit $ at the end of every six months. (Do not round until the final answer. Then round up to the next dollar.) b. $ of the $3,000 comes from your deposits and $ comes from interest. (Use the answer from part a to find this answer. Round to the nearest dollar as needed.)
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