Jones can deposit $5,000 at the end of each six-month period for the next 12 years and earn in- terest at an annual rate of 8.5 percent, compounded semiannually. What will the value of the in- vestment be after 12 years? If the deposits were made at the beginning of each period, what would the value of the investment be after 12 years?

AppendixLO1