Practical question for mid-semester test
BFA503 - Introduction to Financial
Management
Semester 2 2021
1. In order to archive $18,000 for the tuition fee in semester 2 2022, you have a plan to make a
series of savings in a term deposit account where the first payment of $4,000jwill be made
by the end of next month, the second payment of $5,000 will be made by the end of next 3
months and a certain amount to be deposited by the end of next 5 months. The due date for
tuition payment is by the end of 12 months. If the term deposit pays you an interest rate of
7.2% p.a compounding monthly, how much do you need to deposit in the third payment?
Answers
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Answer:
I don't know to take out compund interest
Explanation:
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