1 answer

You decide to deposit $100 in the bank today and to make 10 additional deposits every...

Question:

You decide to deposit $100 in the bank today and to make 10 additional deposits every 6 months beginning 6 months from now, t

You decide to deposit $100 in the bank today and to make 10 additional deposits every 6 months beginning 6 months from now, the first of which will be $75 and increasing $25 per deposit after that. A few minutes after making the last deposit, you decide to withdraw all the money deposited. If the bank pays 6% nominal interest compounded semiannually, how much money will you receive?

Answers

Equivalent uniform series payments of the gradient of $25, along with the first payment of $75 in that series is $181.41 as follows:

E17 f =E15+E16 A B C D E 1 Uniform series of payments required for the gradient (increase in amount)= 2 =G* {(1/i )-n/((1+i)^

Taking the initial payment of $100 as PV, amount received immediately after the last payment (that is, on completion of 5 years) is $ 2,214.08 calculated using FV function of Excel as follows:

N D11 f =FV(D7,D6,D8,D9,010)*-1 A B с 1 Amounts in $ Function Formula arguments Value 3 Number of years (N) Given 5 4 Payment

.

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