what is the future value of $2,000 in a bank account for 6 years at 4 percent compounded bimonthly

Answer 1

Present value=PV=2000
r=rate per period(6 periods/year)=(0.04/6)
n=number of periods=6years*6periods/year=36
Use following formula to calculate future value
FV=PV*(1+r)^n