$1000 invested at 15% compounded semi-annually for 2 years has a future value of $1155.63.

Name: $1000 invested at 15% compounded semi-annually for 2 years has a future value of $1155.63.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The future value of $1000 invested at 15% compounded semi-annually for 2 years is calculated using the formula FV = P(1 + r/n)^(nt), where P = $1000, r = 0.15, n = 2, and t = 2. This results in a future value of approximately $1340.10, not $1155.63.

$1000 Invested at 15% Compounded Semi-Annually for 2 Years Has