Question

Future value of ordinary annuity

find the future value of an annuity of 5,600 payable at the end of every six months for 4&1/2 years, if the interest rate is 6% compounded annually

Answer 1

$FVa = \frac{5,600×((1 + 0.06)^{4.5} - 1)} {0.06/2} = 55,962.59.$