SOLUTION: Is it C? I want to check my answer. Topic: Financial Mathematics What’s the future value of a $1,000 investment compounded at 8% semiannually for five years? A. $1,469

Question 1180024: Is it C? I want to check my answer.
Topic: Financial Mathematics

What’s the future value of a $1,000 investment compounded at 8% semiannually for five years?
A. $1,469
B. $1,477
C. $1,480
D. $1,490
Answer by math_tutor2020(3816) (Show Source): You can put this solution on YOUR website!

Yes you have the correct answer. Technically the more accurate answer is $1480.24, but your teacher must be only wanting the figure to the nearest whole dollar.

Work Shown:
A = P*(1+r/n)^(n*t)
A = 1000*(1+0.08/2)^(2*5)
A = 1480.24428491834
A = 1480

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