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How large must each of the two payments be

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a. You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 3% nominal interest, compounded semiannually, how much will be in your account after 3 years? Round your answer to the nearest cent.

b. One year from today you must make a payment of $5,000. To prepare for this payment, you plan to make two equal quarterly deposits (at the end of Quarters 1 and 2) in a bank that pays 3% nominal interest compounded quarterly. How large must each of the two payments be? Round your answer to the nearest cent.

Reference no: EM132618244

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