A corporate treasurer wishes to accumulate a total of $1,000,000 thirty years from today.

| September 1, 2016

Question
A corporate treasurer wishes to accumulate a total of $1,000,000 thirty years from today. He plans to make equal semi annual deposits into an account earning 7% compounded semi-annually. What must be the amount of these deposits if the first deposit will be made two and one-half years from today and the last deposit will be made six months before $1,000,000 is needed?

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