A couple deposits $22,000 into an account earning 6% annual interest for 15 years, Calculate the future value of the investment if the interest is compounded

semiannually. Round your answer to the nearest cent.

Answer: the future value of the investment is $53399.8

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P (1+r/n) ^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = $22,000

r = 6% = 6/100 = 0.06

n = 2 because it was compounded 2 times in a year.

t = 15 years

Therefore,

A = 22000 (1 + 0.06/2) ^2 * 15

A = 22000 (1 + 0.03) ^30

A = 22000 (1.03) ^30

A = $53399.8