Question

If $16,000 is invested at 8% for 12 years, find the future value if the interest is compounded

semiannually.
Please round the answer to the nearest cent.
The future value is $

Answer 1

t - the number of years the money is invested for
P = $16,000
m =2
t = 12 yr
r = 8% or .08
FV = 16,000* ( 1+ .08/2) 2*12 = 16000 (1.04) 24 = 16000* (2.5633041) = $41012.8656
FV - the future value of the investment = $41012.87 is answer