Answer:
$2015.84
Step-by-step explanation:
To calculate the Future value (or accumulated value (AV)) for compounding interest you use the following formula
[tex]PV(1+\frac{i}{n})^{i*n}[/tex]
Where PV is present value
i is the interest rate
n is the number of times compounding a period
p is the number of periods (years)
so we have [tex]1500(1+\frac{.06}{2})^{5*2}[/tex]
If you put this in your calculator you get $2015.84
if you have any questions lmk
