SOLUTION: Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.) $1500/semiannual period for 10 yr at 6%/year compounded semiannually Plea

Question 418465: Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.)
$1500/semiannual period for 10 yr at 6%/year compounded semiannually

Please help! Thanks
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest cent.)
$1500/semiannual period for 10 yr at 6%/year compounded semiannually
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A(t) = P(1+(r/n))^(nt)
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A(10) = 1500(1+(0.06/2))^(2*20)
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A(10) = 1500(1.03)^40
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A(10) = $4893.06
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Cheers,
Stan H.
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