What is the future value of $600 in 21 years assuming an
interest rate of 11 percent compounded semiannually? |
Multiple Choice
$842.98
$737.89
$5,685.32
$5,369.50
$5,401.05
$5,685.32
Future Value of investment | = | Investment Amount | * | Future Value of 1 | ||||
= | $ 600 | * | 9.475525 | |||||
= | $ 5,685.32 | |||||||
Working: | ||||||||
Future Value of 1 | = | (1+i)^n | Where, | |||||
= | (1+0.055)^42 | i | = | 11%/2 | = | 0.055 | ||
= | 9.4755255 | n | = | 21*2 | = | 42 |
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