I just want to see if what I think is the way to answer this is correct. The question reads:
Jackie has made semiannual deposits of $600 for 5 yrs into a savings account that pays %. What semiannual deposit for the next year will bring the fund up to $12,000?
J2 meaning (which i guess may be the same thing you have said, i'm not too sure. n in this case referring to the number of periods of interest conversion periods, of course).
I am thinking that i 1st need to calculate the accumulated amount after the 5 years, which i have got to be $6,958.05. Then i was thinking that i would need to discount the 12000 to present time (which is after the 5yrs), then find the difference and divide that by 2 to calculate the semiannual payment... I dunno if that is near right... when i discounted the 12000, i got 11,256.44, and the difference : 11,256.44-6,958.05= 4,298.39 this amount being the total for the year, so the semiannual payment would be half of that -- $2,149.20..
How wrong am i?