If Wise Saver invests $1,800,000 today at 6% interest and the money is compounded semiannually, how much will be in the bank account one year from the date invested? (Select the closest amount)
A) $1,648,000
B) $1,909,620
C) $1,908,000
D) $1,697,440

Question

Quizplus · Accepted Answer

Rationale:
N = 2 (1 * 2) I/Y = 3.0 (6% / 2) PV = 1,800,000 PMT = 0 FV = ?
FV = $1,909,620

If Wise Saver Invests $1,800,000 Today at 6% Interest and the Money