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7. The future value of equal semi-annual payments of $500 at 8% compounded semiannually for 4 years is HINT: FV of Annuity of $1 The

7. The future value of equal semi-annual payments of $500 at 8% compounded semiannually for 4 years is HINT: FV of Annuity of $1 The solution to this problem requires time value of money calculations. Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations.

a. $ 868 b. $9,320 c. $2,000 d. $4,607

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