Answer:
$46,558.99
Step-by-step explanation:
To find the future value of the account where equal payments are made at the end of each period for a specified number of periods, we can use the Future Value of an Ordinary Annuity formula:
[tex]FV=PMT\left[\dfrac{\left(\left(1+\dfrac{r}{t}\right)^{nt}-1\right)}{\dfrac{r}{t}}\right][/tex]
where:
In this case:
Substitute the given values into the formula and solve for FV:
[tex]FV=600\left[\dfrac{\left(\left(1+\dfrac{0.08}{2}\right)^{2 \cdot 18}-1\right)}{\dfrac{0.08}{2}}\right]\\\\\\\\FV=600\left[\dfrac{\left(\left(1.04\right)^{36}-1\right)}{0.04}\right]\\\\\\\\FV=46558.98830...\\\\\\FV=\$46,558.99\; \sf (nearest\;cent)[/tex]
Therefore, the future value of the account rounded to the nearest cent is:
[tex]\Large\boxed{\boxed{\$46,558.99}}[/tex]