PLEASE EXPLAIN IT DETAIL SO I CAN UNDERSTAND why this question using annuity immediate not using due ??? isn't the payment always start at the beginning then why we won't used annuity due ?? why 12.000 is multiply by (1.04) ?? by the way the ans is correct

A scholarship fund is started on January 1, 2000 with an initial deposit of 100,000 in an account earning i(2) =.08, with interest credited every June 30 and December 31. Every January 1 from 2001 on, the fund will receive a deposit of 5000. The scholarship fund makes payments to recipients totaling 12,000 every July 1 starting in 2000. What amount is in the scholarship account just after the 5000 deposit is made on January 1, 2010? 6:27 Ball 87% X Step 2 of 2 (since the interest credit twice per year and there are 10 years), the accumulated interest for the initial amount will be: 100000(104) Also, from January 1, 2016, there is another deposit of 5000 that happens only one per year till January 1, 2025. Therefore, the accumulated value for this deposits at the end of January 2025 with the equivalent effective annual rate of interest i is: 5000 And there is a payment of 12,000 that is paid to the recipients which has to be deducted from the accumulated balance, therefore the balance on January 1, 2025 is written below: 100000(104)" +500050 - 12000,0 (1.04) Where the equivalent effective annual rate of interest i is calculated as follows: 0.08 1=1+ -1 - (1+0.04) - 1 = .0816 Thus, calculate the balance as follows: 100000(1.04) +5000... - 12000 (1.04) -- 100000(1.04)" + [5000 - 12000(1.04) (1.0816)" - 0.0816 = 219112+(-7480)(14.5971) 109926 The amount that is in the scholarship account just after the 5000 deposit is made on January 1, 2025 is 109,926