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\$1200 is deposited today into an account paying 6% interest compounded semiannually. How much will have been earned after 25 years?

Jun 10th, 2015

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Jun 10th, 2015

 Present Value (PV)= \$1200 Interest (r)= 6% compounded semiannually Number of periods(n)= 25 years Because the interest is compounded semiannually, we convert 25 years to 50 semiannual periods, and the annual interest rate of 6% to the semiannual rate of 3%. FV= PV * (1+r)^n                           FVIF for n=50 and r =3 % FV=\$1200*(1.03)^50 Fv=1200(4.384) Fv = \$5260.8

Jun 10th, 2015

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