jessrodgers jessrodgers
  • 04-03-2020
  • Mathematics
contestada

Find the future value of $3000 invested at 6% p.a interest compounded half-yearly for 4 years

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wassuu123456
wassuu123456 wassuu123456
  • 04-03-2020

Answer:

F=$3810

Step-by-step explanation:

[tex]F=P(1+i)^{n}[/tex]

F= future value

P= present value

i = interest

n= number of times money compounded

P=$3000 i=6%   n = 2 X 4= 8

As this is semiannual so 6%/2=3%

[tex]F=P(1+0.03)^{8}[/tex]

[tex]F=3000(1.03)^{8}[/tex]

[tex]F=3000(1.267)[/tex]

[tex]F=3810[/tex]

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