Homework Answers
FUTURE VALUE
Here, we’ve amount invested = $4,000
Semi-annual interest rate (r) = 4.00% [8.00% x ½]
Number of periods (n) = 4 Years [2 Years x 2]
Therefore, the Future Value = Amount invested x (1 + r)n
= $4,000 x (1 + 0.04)4
= $4,000 x (1.04)2
= $4,000 x 1.16985856
= $4,679.43
COMPOUND INTEREST
Compound Interest = Future Value – Amount invested
= $4,679.43 - $4,000
= $679.43
Add Answer to:
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