Solution-Semi-annual deposits, Find the amount to which

Semi-annual deposits

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Reference no: EM131171705

Find the amount to which semi-annual deposits of $200.00 will grow in five years at 9.0% p.a. compounded semi-annually.

PMT = 200; I/; P/; %/2 = 0.045;

N = 5(2) = 10;

Fvn = PMT[1 + i)n - 1 / I]

FV = 200[1 + 0.045)10 - 1 / 0.045]

= 200[1.552969 - 1 / 0.045]

= 200(12.2882)

= $2457.64

Reference no: EM131171705

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Semi-annual deposits

Reference no: EM131171705

Reference no: EM131171705

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