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What amount must your savings have reached

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Reference no: EM132891685

Question - You want to save for 5 years with the aim of covering part of your tuition fees for the 3 years of the baccalaureate.

You will make 10 semi-annual payments, at the start of the period, into an account with an effective annual interest rate of 8.14%.

You want to be able to withdraw $ 4,000 at the start of each school year (first withdrawal at the start of 6th year). The savings account continues to earn the same interest rate after you make all 10 payments.

Required -

1) Represent the situation on a timeline, indicating the relevant information (cash flow, rates etc.)

2) What amount must your savings have reached at the end of the 5 years to face the planned withdrawals?

3) How much will you need to save every 6 months?

Reference no: EM132891685

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