You are planning to make two equal amount deposits, one now and the other 3 years from now in order to accumulate $300,000 ten years in the future. If the interest rate is 14% per year, compounded semiannually, the size of each deposit is:
(a) <$46,300
(b) $46,525
(c) $47,835
(d) >$48,200
x(F/P,7%,20) + x(F/P,7%,14) = 300,000
x(3.8697) + x(2.5785) = 300,000
6.4482x = 300,000
x = $46,525
Answer is (b) $46,525
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