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Determine the amount of an investment if $100 is invested at an interest rate of 5.5% compounded semi-annually for 6 years.
$98.48
$138.48
$128.48

Respuesta :

Answer:

Step-by-step explanation:

Use the compounding formula :

FV = PV ( 1+i)^n

FV = ?

PV = 100

i = decimal interest per period  = .055/2

n = periods = 6x 2 = 12

FV = $ 100 ( 1 + .055/2)^12 = $ 138.48

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