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2 years ago

11

What is the future value of $1,600 in 17 years assuming an interest rate of 10 percent compounded semiannually?

1 answer:

Naddika [18.5K]2 years ago

5 0

Let
F--------------------> future value
P--------------------> present value
r --------------------> interest rate per year
m ------------------ > number of compounding periods per year
t --------------------> time in years.
we know that
P=$1,600
<span>t=17 years
m=2
r=10%------> 0.10

F=P(1+i)</span><span>^n
</span><span>where
i=r/m ---------> 0.10/2=0.05
and
n=m*t------------> 2*17=34

</span>F=1600*(1+0.05)^34=8405.36
<span>
the answer is $</span>8405.36<span>

</span>

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