Answer: $101,197
Explanation:
First find the periodic interest rate for 6 months because the rate is per year.
= 0.25% / 2
= 0.125%
There are 2 semi annual periods in a year so in 10 years:
= 2 * 10
= 20 periods
Use future value of annuity formula:
= Amount * ((1 + rate)^periods - 1) / rate
= 5,000 * (( 1 + 0.125%) ²⁰ - 1) / 0.125%
= $101,196.45
= $101,197
It would be easy bank credit, cheap public land, and internal improvements at national expense.
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Comment those and Ill give you the answer :)
