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Explanation:
what do you mean by that?
FV= $116,912.40
Explanation:
Giving the following information:
Initial investment= $82,000
Number of periods= 6*2= 12 semesters
Interest rate= 0.06/2 = 0.03
To calculate the future value, we need to use the following formula:
FV= PV*(1+i)^n
FV= 82,000*(1.03^12)
FV= $116,912.40