Answers
We use the formula:
A=P(1+r/2)^2n
where
A=future value
P=present value
r=rate of interest
n=time period.
40,000=P*(1+0.1/2)^(2*5)
P=40,000/(1+0.1/2)^(2*5)
=40,000*0.613913254
=$24556.53(Approx).
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