If Jimmy invests $250 twice a year at 4% compounded semi-annually, how much will his investment be worth after 3 years?

Please give a step by step!

his investment will be worth $1606.5 after 3 years

Step-by-step explanation:

We would apply the formula for determining future value involving deposits at constant intervals. It is expressed as

S = R[{(1 + r)^n - 1)}/r][1 + r]

Where

S represents the future value of the investment.

R represents the regular payments made(could be weekly, monthly)

r = represents interest rate/number of interval payments.

n represents the total number of payments made.

From the information given,

R = $250

r = 0.04/2 = 0.002

n = 2 × 3 = 6

Therefore,

S = 250[{(1 + 0.02)^6 - 1)}/0.02][1 + 0.02]

S = 250[{(1.02)^6 - 1)}/0.02][1.02]

S = 250[{(1.126 - 1)}/0.02][1.02]

S = 250[{0.126}/0.02][1.02]

S = 250[6.3][1.02]

S = 250 × 6.426

S = $1606.5

step-by-step explanation:

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