Find the future value.
-$19,691 invested for 9 years at 3% compounded semiannually
A) $25,785.82
B) $25,768.54
C) $25,742.84
D) $25,692.29

Question

Quizplus · Accepted Answer

The future value is calculated using the formula for compound interest: FV = P(1 + r/n)^(nt), where P is the principal amount ($19,691), r is the annual interest rate (0.03), n is the number of times interest is compounded per year (2 for semiannually), and t is the number of years (9). Plugging in these values gives FV = 19,691(1 + 0.03/2)^(2*9) = $25,742.84.

Find the Future Value