Let
F--------------------> future value
P--------------------> present value
r --------------------> interest rate per year
m ------------------ > number of compounding periods per year
t --------------------> time in years.
we know that
P=$1,600
t=17 years
m=2
r=10%------> 0.10
F=P(1+i)^n
where
i=r/m ---------> 0.10/2=0.05
and
n=m*t------------> 2*17=34
F=1600*(1+0.05)^34=8405.36
the answer is $8405.36
