What semiannual deposit is needed to accumulate $5,000 in 5 years if the account pays 6% per year, compounded semiannually, assuming that the first deposit is made in 6 months and also assuming that the account already has $750 in it today?
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On the BAII Plus, press 10 N, 6 divide 2 = I/Y, 750 PV, 5000 +/- FV, CPT PMT. On the HP12C, press 10 n, 6 ENTER 2 divide i, 750 PV, 5000 CHS FV, PMT. Note that the answer this time is a positive number. This means that the $348.23 is a deposit in addition to the $750 original deposit. The $5,000 is entered as a negative number, because the $750 and the $348.23 are deposits and the $5,000 is a withdrawal. Make sure the BAII Plus has the value of P/Y set to 1.