You want to withdraw $19883 two years from now. Calculate the amount of end-of-period bi-weekly payments...

You want to withdraw $19883 two years from now. Calculate the amount of end-of-period bi-weekly payments that you need to make, if the (nominal) interest rate is 1.5% per year. Assume bi-weekly compounding.

Expert Solution

Bi-weekly interest rate = 1.5%/(52/2)

Bi-weekly interest rate = 0.0005769230769

FV = 19,883

Number of bi-weekly periods in two years = 2 * 52/2 = 52

n = 52

The amount of end-of-period bi-weekly payments that we need to make is $376.7688597067

jeff jeffy answered 2 years ago

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