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Asked 10/15/2009

The amount of a $15,000.00, 6% annuity due for 7 years compounded semiannually equals $256,290, is it true or false

The amount of a $15,000.00, 6% annuity due for 7 years compounded semiannually equals $256,290, is it true or false

 
 
 
 
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Answer 1/1 - Submitted 10/19/2009

I got a final value of $22,689 using an annual interest rate of 6% compounded every 6 months and assuming $15,000 as the principal. So my answer is no.

 
 
 
 
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