Use Future Value And Present Value Tables To Apply Compound Interest To Accounting Transactions Lisa inherited $140,000

Question:

Use Future Value And Present Value Tables To Apply Compound Interest To Accounting Transactions

Lisa inherited $140,000 from an aunt.

Required:

If Lisa decides not to spend her inheritance but to leave the money in her savings account until she retires in 15 years, how much money will she have assuming an annual interest rate of 8 percent, compounded semiannually?

Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound... Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...