Calculate the future value of the simple annuity

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Problem 1: Salem plans to deposit $2200.00 every 6 months for 15 years to save for his son's higher education. The rate of return will be 4% compounded semi-annually for the first 5 years and 8% compounded semi-annually for the subsequent 10 years. Calculate the future value of this simple annuity.

Option 1: $53 454.21

Option 2: $24 089.39

Option 3: $106 237.02

Option 4: $118 294.58

Option 5: $52 782.81

Reference no: EM132892195

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