SOLUTION: Find the future value, using the future value formula and a calculator. (Give your answer to the nearest cent.) $42.61 at 6.5% compounded semiannually for 6 years

Algebra ->  Algebra  -> Finance -> SOLUTION: Find the future value, using the future value formula and a calculator. (Give your answer to the nearest cent.) $42.61 at 6.5% compounded semiannually for 6 years       Log On

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Question 610235: Find the future value, using the future value formula and a calculator. (Give your answer to the nearest cent.)
$42.61 at 6.5% compounded semiannually for 6 years

Answer by rfer(12657) About Me  (Show Source):
You can put this solution on YOUR website!
FV=42.61(1+0.065/2)^2*6
FV=42.61*(1.0.325)^12
FV=42.61*1.46785
FV=$62.55