You placed $9,992 in a savings account today that earns an annual interest rate of 18.37...
You placed $9,992 in a savings account today that earns an annual interest rate of 18.37 percent, compounded semiannually. How much will you have in this account at the end of 26 years? Assume that all interest received at the end of the period is reinvested the next period.
Round answer to two decimal places. Thank you.
Homework Answers
Present value = Future value/(1+i)^n
i = interest rate per period
n= number of periods
=>
Future value = 9992 * (1+0.1837/2)^52
= 964111.59
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