You have deposited $42,000 into an account that will earn an interest rate of 12% compounded...
You have deposited $42,000 into an account that will earn an interest rate of 12% compounded semiannually. How much will you have in this account at the end of seven years?
$92,848.62
$71,218.48
$94,957.97
$113,949.56
Homework Answers
Hi
Here present value P= $42,000
Interest rate r= 12%/2 = 6%
Time t= 7*2 =14 semi annual
Future value F= P*(1+r)^t
F= 42000*1.06^14
F= $94,957.97
Hence 3rd option is correct here
Thanks
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