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Income during a covid lockdown

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Reference no: EM133004975

Jackie wishes to accumulate $10,000 in a year and a half (78 weeks) in order to be able to buy into a syndicate who plan to search for the lost treasure of the Merchant Royal. (https://en.wikipedia.org/wiki/Merchant_Royal ). Starting in one week's time, Jackie plans to make 78 weekly deposits each of the same size into a savings account that pays j52 = 6.76% p.a.

Jackie loses their income during a COVID lockdown, and is unable to make the scheduled deposits for weeks 23 to 30 inclusive.

Q) 1 Determine what size the deposit in week 31 would need to be, in order to put Jackie back on schedule to meet their target

Reference no: EM133004975

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