On an investment of $3,000, you'll earn 10% interest per year compounded semiannually. What's the future...
Homework Answers
We use the formula:
A=P(1+r/2)^2n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$3000*(1+0.1/2)^(2*2)
=3000*1.21550625
=$3,647(Approx).
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