Question

If $18,000 is invested at 9% for 15 years. Find the future value if the interest is compounded semi-annually. Please round the answer to the nearest cent (two decimal places) . Enter only the number without $ sign.

Answer 1

Answer:

$67415.73

Step-by-step explanation:

we know that

FV = P(1+r/n)^nt

where FV = future value

P= Present values =$18000

r= rate of interest =9%

n= year. = 15 year

here , the interest is compounded semi-annually

this means  n= 30 , r= 4.5%

plugging the value we have

FV = 18000(1.045)^30= $67415.7264= $67415.73