FFN20303: A deposit of $500 (PV) made five years ago is worth $705.30 today (FV). The deposit pays interest semi-annually: Money and Capital Market Assignment, MSU, Malaysia

1. A deposit of $500 (PV) made five years ago is worth $705.30 today (FV). The deposit pays interest semi-annually. What is the interest rate?

  Note: If you press √ means that the reciprocal of power 2 (^2). In this           calculation, it refers to power 10@ ^ 10, therefore 10√

From the calculator, you press 10 then SHIFT then ^..10 ^x√ 1.4106

 FV = PV (1 + r) ^t               – annually

 FV = PV (1 + r/2) ^tx2            – semiannually

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