(using financial calculator method (BAII) by showing inputs within the calculator)
APR(semi-annually) = 2[(1 + 0.0425/4)2 - 1] = 4.273%
Calculating Future Value in 10 years,
Using TVM Calculation,
FV = [PV = 0, PMT = 1,200, N = 20, I = 0.04273/2]
FV = $29,556.45
Interest Earned = (29,556.45 - 20(1,200))
Interest Earned = $5,556.45
EAR = (1 + 0.0425/4)4 -1
EAR = 4.318%
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