kaylastetz8940 kaylastetz8940

18-06-2017
Business

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What is the future value of $1,500 after 5 years if the appropriate interest rate is 6%, compounded semiannually?

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Aliwohaish12 Aliwohaish12

19-06-2017

Hi there
The formula is
A=p (1+r/k)^kt
A future value?
P present value 1500
R interest rate 0.06
K compounded semiannual 2
T time 5 years
So
A=1,500×(1+0.06÷2)^(2×5)
A=2,015.87

Good luck

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