Once upon a time, your mother told you to "pay yourself first" - and you always listened to your mother (except for the time you and two of your friends went to Atlantic City in the middle of the night ... well never mind THAT!).Twice each year (6 months apart) you place $400 in your savings account at your local credit union.The credit union pays 6% annual interest compounded semi-annually.How much will your savings grow to in eight years?

Your Answer:

FVA=CF(FVIFA r,n)

n=2*8=16

r=4%/2=2%

in 8 years FV= 300(2%.16)=300(18.639)

=$5,591.70