Jenny wishes to accumulate $10000 over 5 years for an overseas trip. She will make a deposit every 6-months, and the funds will earn the interest rate of 4% per annum compounded semi-annually. How much should Jenny deposit every 6-months (that is, twice a year)?

Answer rating: 100% (QA)

To determine the amount Jenny should deposit every 6 months we can use the formula for th... View the full answer