How large must each of the 2 payments be

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Reference no: EM13752020

You plan to make 3 deposits of $1000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. if the bank pays 6% nominal interest, compounded semiannually, how much would be in your account after 3 years?
b. one year from today you must make a payment of $5000. to prepare for this payment, you plan to make 2 equal quarterly deposits, at the end of Quarters 1 and 2, in a bank that pays 6% nominal interest, compounded quarterly. how large must each of the 2 payments be?

Reference no: EM13752020

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