Homework Answers
Let the amount deposited semiannually be P
Number of semiannual periods = n = 6*2 = 12
Semiannual Interest Rate = r = 4%/2 = 2%
Value of property after 6 years = FV = $21800
Hence, FV = P(1+r)n-1 +....+ P(1+r)2 + P(1+r) + P = P[(1+r)n -1]/r
=> 21800 = P[(1+0.02)12 -1]/0.02
=> P = 21800*0.02/[(1+0.02)12 -1]
=> P = $1625.40
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