what is the future value of $3,100 in 18 years at an apr of 8.4 percent compounded semiannually? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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08-11-2022
Business

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what is the future value of $3,100 in 18 years at an apr of 8.4 percent compounded semiannually? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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kumarkrishna kumarkrishna · Answer 1 · 2022-11-12T07:58:11+01:00

The future value of $3100 in 18 years at an interest rate of 8.4% compounded semiannually is $13633.24.

Here, if I take 1.04236, it equals 4.40.

If 1.04236 = 4.39782 is taken, then A = $3100 multiplied by 4.39782 equals $1633.24.

The sum that the lender demands from the borrower in addition to the principal amount is known as the interest rate.

An interest rate informs you of how much borrowing will cost you and how much saving will pay off. Compounding is the process of repeatedly adding earnings to the principal invested in order to cause a sum of money to grow exponentially over time. When interest is calculated, it Compound is done so on the initial principal as well as all of the accumulated interest from prior periods.

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