slayalways
22.02.2021 •
Business
Deposits are to be made to a fund each January 1 and July 1 for the years 1985 through 1995. The deposit made on each July 1 will be 10.25% greater than the one made on the immediately preceding January 1. The deposits made on each January 1 (except for January 1, 1985) will be the same amount as the deposit made on the immediately preceding July 1. The fund will be credited with interest at a nominal annual rate of 10%, compounded semi-annually. On December 31, 1995, the fund will have a balance of 11,000. Determine the initial deposit to the fund.
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