Question 1190901
f = p * (1 + r) ^ n
f is the future value
p is the present value
r is the interest rate per time period
n is the number of time periods


formula becomes:
f = 240,000 * (1 + .095/2) ^ (1 * 2)
solve for f to get:
f = 263,341.5


the annual interest rate is divided by 2 to get the semi-annual interest rate
the number of years is multiplied by 2 to get the number of semi-annual periods.
the formula uses the rate, not the percent.
9.5% divided by 100 is a rate of .095.