Time value of money, Financial Management

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In order to provide for R10 million to build a new warehouse in 5 years time, a company plans to make equal payments at the end of each six months into a fund which earns 9% per year interest compounded semi-annually. After two years of payments, escalating costs lead the directors to increase the semi-annual deposit so that the fund will contain R12 million at the scheduled time of building. Find the increased semi-annual payment required for the remaining 3 years.

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