Im so frustrated... :(
Annually, Travis deposits $3,500 into an interest-bearing account to save for a down payment on a house. The interest rate on the account is 5.46% compounding twice a year. What is the present value of the investment if Travis purchases a house in 18 years?

$39,793.23

$40,879.59

$79,586.46

$81,759.17

Question

Im so frustrated... :( 
Annually, Travis deposits $3,500 into an interest-bearing account to save for a down payment on a house. The interest rate on the account is 5.46% compounding twice a year. What is the present value of the investment if Travis purchases a house in 18 years?

 $39,793.23

 $40,879.59

 $79,586.46

 $81,759.17

anonymous · Answer

the formula is p(future)=p(present) (1+rate/#times per year)^(# times per year*years)
does this help?

phebe · Answer

3rd one

anonymous · Answer

yes!

anonymous · Answer

but i got 9,229.33 with that formula..? what am i doing wrong? @arsenkasparian

anonymous · Answer

I am looking at this again....are you sure this is written correctly?