It is now January 1. You plan to make a total of 5 deposits of $300...

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It is now January 1. You plan to make a total of 5 deposits of$300 each, one every 6 months, with the first payment being madetoday. The bank pays a nominal interest rate of 10% but usessemiannual compounding. You plan to leave the money in the bank for10 years. Do not round intermediate calculations. Round youranswers to the nearest cent. How much will be in your account after10 years?
You must make a payment of $1,788.04 in 10 years. To get themoney for this payment, you will make five equal deposits,beginning today and for the following 4 quarters, in a bank thatpays a nominal interest rate of 10% with quarterly compounding. Howlarge must each of the five payments be? $

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1 Account value after 5 deposits 2 years is calculated using FV function in Excel rate 5 converting annual rate into semiannual rate semiannual rate annual rate 2 10 2 5 See Answer

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