A group of friends decides to go on a trip next summer in July 2017. To have the money required for the trip, each of them will need to invest $200 every month starting next month and additional $50 every month after the next month. However, they will not invest any money in the months of November, December, and January. Will they each have the needed $5150 for the trip by the end of June 2017? How much more or less will they have? Assume the following:
a) The interest rate is 12% compounded semi-monthly.
b) The current month is June and the year is 2016.
c) Each of them receives $10/month starting next month, which they do not invest and put aside for the use in the trip.