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.

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

the two may have that, even a breakdown is probably offered