You deposit $1000 at the beginning of each semi-annual period for 7 years at 5% compounded...

You deposit $1000 at the beginning of each semi-annual period for 7 years at 5% compounded semi-annually. Determine the future value.

Expert Solution

r = 5%/2 = 2.5% (semi-annually), n = 7 * 2 = 14 semi-annual periods.

FV = 1.025 * 1000 * 16.5190

FV = $16,931.93

jeff jeffy answered 2 years ago

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