How much money will Penny Pincher have after 40 years if she invests $500 at the beginning of each month and is able to earn a rate of return of 9 percent compounded semi-annually on her investments? (FV)

P/Y = 12, C/Y = 2, N = 480, I/Y = 9, PV = 0, PMT = -500, FV = ?

Penny Pincher will have $2,245,774.54 in her account after 40 years.

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