A deposit is made every half-year into a savings account paying 4% interest compounded semiannually. The balance after 9 years is $9,000. Calculate the rent of the increasing annuity.
The rent is $__
(Do not round until the final answer. Then round to the nearest cent as needed.)
What do you mean by "rent"? Do you want the semi-annual payments made to get the balance of $9,000 after 9 years @ 4% compounded semi-annually?