A college education fund is to be accumulated by twenty level semi-annual deposits, the first due on Juanary 1, 1996. The fund is to provide 16 quarterly withdrawals of $ 1900 each, the first due on October 1, 2005. Interest is compounded semiannually at an annual rate of 4 %. What is the amount of each semi-annual deposit?
A little stuck with this question. Can anyone provide guidance? I know i need to find the equivalent nominal quarterly rate. Not really sure what to do with it or where to go after though.