The retail price of a watch is listed as $266000. Nick saves $6500 every half a year for the next 3 years and $17500 every half a year for the subsequent 4 years. If the interest rate is yielding 13.4% p.a compounded fortnightly, would Nick have enough money to purchase this watch and how much deficit or surplus would result?

Sep 8, 2023

The retail price of a watch is listed as $266000. Nick saves $6500 every half a year for the next 3 years and $17500 every half a year for the subsequent 4 years. If the interest rate is yielding 13.4% p.a compounded fortnightly, would Nick have enough money to purchase this watch and how much deficit or surplus would result?

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The retail price of a watch is listed as $266000. Nick saves $6500 every half a year for the next 3 years and $17500 every half a year for the subsequent 4 years. If the interest rate is yielding 13.4% p.a compounded fortnightly, would Nick have enough money to purchase this watch and how much deficit or surplus would result?
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