want A (1.02)^10 + 100[(1.02)^11 + (1.02)^10 ... + (1.02) + 1]=1500.
1.21899 A + 100[(1.02)^12 -1]/[(1.02)-1] = 1500.
1.21899 A = 1500 - 1341.21=158.79.
A=130.26.
An individual wishes to deposit an amount of money now and 100$ every 6 months so that at the end of five years 1500$ will have been accumulated. With interest rate at 4% every year, compounded semi-annually, how much should be deposited now?
