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value of money

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Billy Burnett's grandfather willed Billy $10,000 payable on his twenty-first birthday. What will be the value of the bequest when Billy reaches 17 years of age if money is worth 8% compounded semi-annually?

  • value of money -

    I will not do all these either.

    21 - 17 = 4 years = 8 periods at 4% per period

    1.04^8 = 1.36856905

    x * 1.36856905 = 10,000

    x = $7306.90

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