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6 March, 16:03

What is the future value of $1,500 after 5 years if the appropriate interest rate is 6%, compounded semiannually?

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  1. 6 March, 16:52
    0
    Hi there

    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 1500

    R interest rate 0.06

    K compounded semiannual 2

    T time 5 years

    So

    A=1,500 * (1+0.06:2) ^ (2*5)

    A=2,015.87

    Good luck
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