I've been struggling with this problem for days now. It seems really simple, but I'm having issues. Here's the problem:
Bob gets paid fortnightly. He wants to save 6000 dollars in 1 year. His savings account offers 5 percent interest for 3 months maturity with a minimum of $2000 term deposit. Bob currently has no savings.
(i) If he starts on the 1/1/10, how much must he save fortnightly to reach his target by the 31/12/10? Provided that he deposits the same amount every fortnight and ends up with $6000 at the end of the year.
Any pointers on how to approach this or (even preferably) worked solutions would be very much appreciated.
Thank you so much