>> Managerial Accounting
A scholarship fund is started on January 1, 2000 with an initial deposit of 100,000 in an account earning i(2)=.08, with interest credited every June 30 and December 31. Every January 1 from 2001 on, the fund will receive a deposit of 5000. The scholarship fund makes payments to recipients totaling 12,000 every July 1 starting in 2000. What amount is in the scholarship account just after the 5000 deposit is made on January 1, 2010?