Problem:
A man decides to deposit $50 in the bank today and to make 10 additional deposits every six months beginning six months from now, the first of which will be $50 and increasing $10 per deposit after that. A few minutes after making the last deposit, he decides to withdraw all the money deposited.
Required:
Question: If the bank pays 6% nominal interest compounded semiannually, how much money will he receive?
Note: Show supporting computations in good form.