*CORRECT 4 MEDAL * [WORK IS SHOWN]

Miles wants to purchase a home in six years. He will contribute $5000 each year to a savings account with 1.85% interest, compounded semiannually. What is the future value of this investment, when Maurice needs to make a down payment?

$31,574.30

$31,866.37

$63,148.61

$63,732.73
------
*MY WOK*
FV = 5000((1+0.0185/2)^(2*6) - 1 )/( 0.0185/2 )
FV=63,148.61

Question

*CORRECT 4 MEDAL * [WORK IS SHOWN]

Miles wants to purchase a home in six years. He will contribute $5000 each year to a savings account with 1.85% interest, compounded semiannually. What is the future value of this investment, when Maurice needs to make a down payment?

 $31,574.30

 $31,866.37

 $63,148.61

 $63,732.73
------
*MY WOK*
FV = 5000((1+0.0185/2)^(2*6) - 1 )/( 0.0185/2 )
FV=63,148.61

anonymous · Answer

http://www.wolframalpha.com/input/?i=FV+%3D+5000%28%281%2B0.0185%2F2%29%5E%282*6%29+-+1+%29%2F%28+0.0185%2F2+%29