2 years ago

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

1 answer:

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
t=17 years
m=2
r=10%------> 0.10

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

F=1600*(1+0.05)^34=8405.36

the answer is $8405.36

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