lois invests 650 every 6 months at 4.6%/a compounded semi-annually for 25 years. How much interest will she earn after the 25th year

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04-04-2018
Mathematics

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lois invests 650 every 6 months at 4.6%/a compounded semi-annually for 25 years. How much interest will she earn after the 25th year

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CastleRook CastleRook · Answer 1 · 2018-04-13T11:00:28+02:00

CastleRook CastleRook

13-04-2018

Future value annuity is given by:
FV=P[((1+r)^n-1)/r]
From the information:
P=650
r=0.046/2=0.023
n=25*2=50

Plugging our values in the formula we get:
FV=650[((1+0.023)^50-1)/0.023]
FV=59837.365

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