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.