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Savings account today that earns an annual interest

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You placed $2,240 in a savings account today that earns an annual interest rate of 8.89 percent, compounded semiannually. How much will you have in this account at the end of 27 years? Assume that all interest received at the end of the period is reinvested the next period.

I came up with

=FV(8.89%,27,2,2240) and my answer was 22,533.60

But the correct answer is actually 23,452.08 I'm not sure what I missed.

Reference no: EM131846419

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