Fletcher's Machine Shop wants to start a fund to accumulate half of the expected $1,000,000 cost of expanding the facilities in nine years. What semiannual amount must be paid into the fund earning 7.5% compounded annually in order to reach the target if the payments are made:
a) at the beginning of every six months?
b) at the end of every six months?

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The Answer of Fletcher's Machine Shop wants to start a fund to accumulate half of the expected $1,000,000 cost of expanding the facilities in nine years. What semiannual amount must be paid into the fund earning 7.5% compounded annually in order to reach the target if the payments are made:
a) at the beginning of every six months?
b) at the end of every six months?

Fletcher's Machine Shop Wants to Start a Fund to Accumulate