Algebra homework

Question

A=p(1+r over m) m1 . A= future value, p=principle, r=annual interest rate, t=time(years), m=compounded m- times per year. Find the future value of each deposit if the account pays compounding interest. $500 at annually for 6 years. Then to find the same in $1500 at 3% semi- annually for 6 years.

Answer 1

FV = 1500(1+.03/2)^6(2) = 1500(1.015)^12 = about $1,793.43