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finance

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what is the future value of $2,000 in a bank account for 6 years at 4 percent compounded bimonthly

  • finance - ,

    Present value=PV=2000
    r=rate per period(6 periods/year)=(0.04/6)
    n=number of periods=6years*6periods/year=36
    Use following formula to calculate future value
    FV=PV*(1+r)^n

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