What is the future of $2200 invested for nine months at 4.25% compounded semiannually? Select one: a:$2270 b:$2341.73 c:$2234>97 d:$2269.76

Lipossig 2020-11-14 Answered
What is the future of $2200 invested for nine months at 4.25% compounded semiannually?
Select one:
a:$2270
b:$2341.73
c:$2234>97
d:$2269.76
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Expert Answer

FieniChoonin
Answered 2020-11-15 Author has 102 answers
compound interest formula
p=a(1+r/n)nt
Where
A=present value of investment
P=future value
r=rate of interest
n=number of times interest compound in a period
t=time period
Given
A=$2200
r=4.25%=0.0425
n=2 of compound semi annually
t=(9/12)yrs
p=2200(1+(0.0425/2)(29/(12))
p=$2270.5
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