Jean Cleveland currently has $5,750 in a money market account paying 5.65 percent compounded semi-annually. She plans to use this amount and her savings over the next 5 years to make a down payment on a townhouse. She estimates that he will need $15,000 in 5 years. How much should she invest in the money market account semi-annually over the next 5 years to achieve this target?© BrainMass Inc. brainmass.com October 10, 2019, 4:31 am ad1c9bdddf
Please refer attached file for better understanding of functions in MS Excel.
PV of ...
Solution describes the steps to calculate the amount of semi annual investment that will be sufficient to meet the given financial goal.