waffleglass waffleglass
  • 25-01-2021
  • Mathematics
contestada

Whats the future value of $1,500 after 5 years uf the appropriate interest rste is 6%, compoubded semiannually

Respuesta :

madethisfortwitch1
madethisfortwitch1 madethisfortwitch1
  • 25-01-2021

Answer:

$2015.84

Step-by-step explanation:

To calculate the Future value (or accumulated value (AV)) for compounding interest you use the following formula

[tex]PV(1+\frac{i}{n})^{i*n}[/tex]

Where PV is present value

i is the interest rate

n is the number of times compounding a period

p is the number of periods (years)

so we have [tex]1500(1+\frac{.06}{2})^{5*2}[/tex]

If you put this in your calculator you get $2015.84

if you have any questions lmk

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