Find the future value.
-$59,878 invested for 3 years at 5% compounded semiannually 159)
A) $69,316.27
B) $69,546.63
C) $69,440.12
D) $69,503.66

Question

Quizplus · Accepted Answer

The future value is calculated using the formula for compound interest: FV = P(1 + r/n)^(nt). Here, P = $59,878, r = 0.05, n = 2, and t = 3. Plugging in these values gives FV = $59,878(1 + 0.05/2)^(2*3) = $69,440.12.

Find the Future Value