What will be the value of fund at the end of year ten

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Reference no: EM132020665

Funds are saved during 10 years, the amount is $1 million at the begging of each year from now ( Meaning you will have 10 deposits at the end of the to years). The fund is expected to yield 3% per year compounded every 6 months. At the end of year 7 $5,000,000 are used to cover an expense. What will be the value of the fund at the end of year 10?

Please show all steps, no program or Excel solutions.

Reference no: EM132020665

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