A person deposits 18,000 TL into a six-month time deposit account. Interest rate is 16 %. What is the future value in six years compounded every six-month? (5 pts)

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N = 6 * 2 = 12 (The tenure is for 6 years, as semiannual, so 6 * 2 = 12 times interest will be received)

PV = -18,000 (The Present Value of Term deposit is $18,000)

I/Y = 16 / 2 = 8 (Yearly interest rate is 16%, as semiannual, so divided by 2)

CPT + FV = 45,327.06

The future value of the term loan is $45,327.06