sheilao1125 sheilao1125

24-03-2024
Mathematics

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$8333 in savings with fixed rate of 8% compounded 2 times a year how much will it be in 12 years

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jsimpson11000 jsimpson11000

24-03-2024

Answer:

Step-by-step explanation:

FV = PV ( 1 + i)^n

FV = Future Value = what the Q asks

PV = present value = 8333

i = decimal interest per compounding period = .08/2

n = periods = 12 x 2 = 24 periods

FV = $ 8333 ( 1 + .08/2)^24 = $ 21 360.01

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