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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 5% 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 $13,000. To prepare for this payment,you plan to make two equal quarterly deposits (at the end ofQuarters 1 and 2) in a bank that pays 5% nominal interestcompounded quarterly. How large must each of the two payments be?Round your answer to the nearest cent. $

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