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You plan to make five deposits of $1,000 each, one every 6 months, with the first...

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Finance

You plan to make five deposits of $1,000 each, one every 6months, with the first payment being made in 6 months. You willthen make no more deposits. If the bank pays 7% nominal interest,compounded semiannually, how much will be in your account after 3years? Round your answer to the nearest cent. $ One year from todayyou must make a payment of $9,000. To prepare for this payment, youplan to make two equal quarterly deposits (at the end of Quarters 1and 2) in a bank that pays 7% nominal interest compoundedquarterly. How large must each of the two payments be? Round youranswer to the nearest cent.

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