A scholarship fund is started on January 1, 2000 with an initial deposit of 100,000 into an account earning i(2)=.08, with interest credited each June 30 and December 31. Every January 1 beginning in 2001, the fund will receive a deposit of 5,000. The scholarship fund makes payments to recipients totalling 12,000 every July 1 beginning in 2000.

How much is in the scholarship account? right after the 5000 deposit is made on 1 Jan 2010?

Answer rating: 100% (QA)

To solve this problem we need to find the balance in the scholarship fund at the end of each year ta... View the full answer