Answer:
interest earned= 1853.98
the future value of an annuity= 2453.98
Step-by-step explanation:
Given Data:
Interest rate= 9%
time,t = 16 years
Semi-Annual payment, P= 600
n= 2 as Semi-Annual
At the end of 16 years, final investment A= ?
As per the interest formula for compounded interest
A= P(1+r/n)^nt
Putting the values in above equation
= 600(1+0.09/2)^32
= 2453.98
Interest earned = A-P
= 2453.98-600
= 1853.98 !
