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Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.)$1600/semiannual period for 9 years at 3.5%/year compounded semiannually

Question

Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.)

$1600/semiannual period for 9 years at 3.5%/year compounded semiannually
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Step 1

It is given that $1600/semiannual for 9 years at 3.5% per year is compounded semiannually.

The formula for calculating the future value is

Step 2

Future value is calcula...

0.03529
A(9) 1600 1+
2
18
-1600 (1.0175)
1600(1.36653)
-2186.45
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0.03529 A(9) 1600 1+ 2 18 -1600 (1.0175) 1600(1.36653) -2186.45

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Tagged in

Math

Algebra

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