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You make semiannual withdrawals from an account starting in month 6 for $500 and increasing by $100 each semiannual period thereafter until end of year 4. The account pays 12% compounded monthly (calculate and write in the test the exact effective interest rate up to 4 decimals and then round to closest two decimal place ( .0523 ~ 0.05) to use the interest tables. How much should you deposit into the account now if you want to have a balance in the account of $1500 immediately after the last withdrawal (end of year 4)?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91729103

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