Answer:
FV= $4,786.01
Step-by-step explanation:
Giving the following information:
Initial deposit (FV)= $4,300
Number of periods (n)= 2 semesters
First, we need to calculate the semi-annual interest rate:
Semi-annual interest rate= 0.11/2= 0.055
Now, to determine the future value, we need to use the following formula:
FV= PV*(1+i)^n
FV= 4,300*(1.055^2)
FV= $4,786.01
