i want to have 500,000 in the bank in ten years. if the bank pays interest at 12% compounded semi-annually, how much i needs to deposit today to reach my goal?
Use the following to find the principal, (P)
500,000 = P(1 + .12/2)2*10 =
500,000 = P(1.06)20 divide both sides by (1.06)20
500,000/[1.0620] = P = about $155,902.36
+4 
