She invests some amount in a saving account of fixed interest compounded half-yearly. It says to find its Future Value after six years.
The principal amount is P = $4,848.
Annual interest rate is 5% i.e. r = 0.05
Compounding period is two times per year i.e. n = 2.
Time of investment is t = 6 years.
We know the formula of Future Value is given by :-
We can plug the given values in the formula to calculate the answer.
Hence, future value of investment after six years is 6,520.02 dollars.
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