Henry Jones is planning to retire in 15 years. He wishes to deposit an equal amount (A) every 6 months until he
retires so that, beginning one year following his retirement, he will receive annual payments of $30,000 for the
next 15 years. Determine the value of A which he should deposit every 6 months if the interest rate is 8%,
compounded semi-annually

Question

Henry Jones is planning to retire in 15 years. He wishes to deposit an equal amount (A) every 6 months until he
retires so that, beginning one year following his retirement, he will receive annual payments of $30,000 for the
next 15 years. Determine the value of A which he should deposit every 6 months if the interest rate is 8%,
compounded semi-annually Henry Jones is planning to retire in 15 years. He wishes to deposit an equal amount (A) every 6 months until he retires so that, beginning one year following his retirement, he will receive annual payments of $30,000 for the next 15 years. Determine the value of A which he should deposit every 6 months if the interest rate is 8%, compounded semi-annually

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Henry Jones Is Planning to Retire in 15 Years