The future value of?

Question

What's the future value of $2,000 after 3 years if the appropriate interest rate is 8%, compounded semiannually

Answer 1

PV = 2000

n = 6

i = 4

Therefore;

FV=2,530.64

Answer 2

According to The Math Stuff & Markets Ups and Downs

it will be from 2600 to 3000 $ ......

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Answer 3

You can guestimate a minimum by multiplyint 3*8% =24%, but realize that there will be more costs from compounding of interest. The exact answer for 8% apr is:

$2000 * 1.08  * 1.08  * 1.08 = $2000 * 1.259712

or 26 percent more.

$2,519 and 42 cents.