Homework Answers
Future value of annuity due = (1+r)*Annual amount*[{(1+r)^n – 1}/r]
Semi-annual interest = 9.52/2 =4.76%
= (1.0476)*950*[{(1.0476)24 – 1}/0.0476]
= $42,918.94
From contributions = 950*12*2 = $22,800
Interest = 42,918.94 – 22,800
= $20,118.94
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