use the formula below.

Question

Use the formula P =  to determine the periodic deposit.

Answer 1

PMT = 350,000(.1/2)/(1+.1/2)^2(8) -1 )

=350,000(.05)/(1.05)^16 -1)

= about 17500/1.1829

= about $14,794.47 monthly compounded semi annually, 10%, 8 years to reach $350,000