Solve by using formulas. (Round your answer to the nearest cent.)

15. [-/1 Points] DETAILS BRECMBC9 12.1.016. Solve by using formulas. (Round your answer to the nearest cent.) Ordinary Annuity Annuity Payment Payment Frequency Time Period (years) Nominal Rate (%) Interest Compounded Future Value of the Annuity (in $) $9,000 every 6 months 5 5.0 semiannually $ 16. (-/14 Points] DETAILS BRECMBC9 12.1.021.MI.SA. This question has several parts that must be completed sequentially. If you skip a part of the question, you will not receive any points for the skipped part, and you will not be able to come back to the skipped part. Tutorial Exercise Use the appropriate formula to find the future value of $400 deposited at the beginning of every six months, for 18 years if a bank pays 4% interest, compounded semiannually. Step 1 Since deposits are made at the beginning of each six months, this can be thought of as an annuity due. The following formula can be used to calculate the future value FV of the annuity where Pmt is the amount of each deposit, i is the interest rate per period expressed as a decimal, and n is the number of compounding periods. FV = Pmt x (1 +1 -1x (1 + i) The interest rate per period, i, is calculated using the nominal, or annual, rate and the number of periods per year as follows. nominal rate periods per year The rate was given to be 4%. Interest is compounded semiannually, or 2 times per year. Find the interest rate per period. nominal rate periods per year % 2 The total number of compounding periods will be the number of years multiplied by the number of compounding periods per year. There are 2 compounding periods per year and deposits are made for 18 years. Find the total number of compounding periods. n = number of years x number of compounding periods per year 18 x Submit Skip (you cannot come back)