Hey guys, i need with this.
To make $20,000 in 3 years, Sally decides to make 6 equal deposits in an account at 6-monthly intervals starting now. If the interest rate is 11% per annum compounded semi-annually, how much is each deposit?
Hey guys, i need with this.
To make $20,000 in 3 years, Sally decides to make 6 equal deposits in an account at 6-monthly intervals starting now. If the interest rate is 11% per annum compounded semi-annually, how much is each deposit?
Hello, Steve!
To make $20,000 in 3 years, Sally decides to make 6 equal deposits
in an account at 6-monthly intervals starting now.
If the interest rate is 11% per annum compounded semi-annually,
how much is each deposit?
This is an Annuity problem.
If you're not familiar with the formula, you're in deep weeds . . .
Annuity formula: .
. . where: .
We have: .
. . and we might as well solve for
So we have: .
Therefore, Sally should deposit $2903.58 each time.
I am looking for a student grant if am going to college? I don't want any student loan because I can't pay it back. How much money you have to make per year to be eligible for the federal student aid grant? The grant you don't have to pay it back? I know there is a limit to be eligible for a grant. Does any body know? Or if there like a chart that showing how much money you make and how much money you get.