dysgabe1217 dysgabe1217

02-06-2021
Business

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What is the future value of $3,100 in 17 years assuming an interest rate of 8.4 percent compounded semiannually

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abiolataiwo2015 abiolataiwo2015

02-06-2021

Answer:

$12,556.37

Explanation:

Calculation to determine What is the future value

Using this formula

Future value = PV(1 + r)^n

Let plug in the formula

Future value = $3,100[1 + (.084/2)]^17(2)

Future value = $12,556.37

Therefore the future value is $12,556.37

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