how much money should you invest now to have 7000 in 11 years if you invest the money at a rate of 9.3%. compounded semiannually
Pt = Po(1+r)^n,
r = APR/2 = 9.3 / 2 = 4.65% = 0.0465 =
rate per compounding period.
n = 2 comp./yr * 11yrs = 22 compounding
periods.
7000 = Po(1.0465)^22,
Po = 7000 / (1.0465)^22 = $2575.34.