Find the future value of the following investment.
Principal
$3700.00
Nominal
Rate
4.8%
Frequency of
Conversion semi-annually
Time
10 years
stion 1
stion 2
The future value is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Step 1 ：Given the following values:

Step 2 ：Principal (P) = $3700

Step 3 ：Nominal Rate (r) = 4.8% or 0.048 in decimal

Step 4 ：Frequency of Conversion (n) = 2 times per year (semi-annually)

Step 5 ：Time (t) = 10 years

Step 6 ：We can calculate the future value (FV) of the investment using the formula: \(FV = P * (1 + r/n)^{nt}\)

Step 7 ：Substituting the given values into the formula, we get: \(FV = 3700 * (1 + 0.048/2)^{2*10}\)

Step 8 ：Calculating the future value, we get: \(FV = 5945.670763758267\)

Step 9 ：Rounding to the nearest cent, the future value of the investment is $5945.67

Step 10 ：Final Answer: The future value of the investment is \(\boxed{5945.67}\)