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What are the semi-annual payments

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You have decided to save for an anniversary trip to tour the Italian country side, sipping wine and relaxing in villas. The trip is to be taken in five years' time, and you anticipate that the trip will cost $25,000 at that time.

The money market fund, which you will use as your savings account, pays 1.2% per year, compounded monthly, and you don't expect that to change over the next 5 years.

Assume that the first payment into the account occurs now, and the last payment into the account occurs 6 months before your trip begins. You will make the full payment of $25,000 for the trip on the day of departure.

What are the semi-annual payments that you should make into the account to reach your goal?

Reference no: EM132685777

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