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Here's how to calculate the future value of the annuity for each period. The formula for the future value of an ordinary annuity is: FV = Pmt × ((1 + i)^n - 1)/(i) Where: FV = Future Value Pmt = Payment per period = 1,000,000 r = Annual interest rate = 5\% = 0.05 m = Number of compounding periods per year = 2 (semi-annually) i = Interest rate per period = (r)/(m) = (0.05)/(2) = 0.025 t = Number of years n = Total number of periods = m × t a) 3 years Step 1: Identify the parameters. Pmt = 1,000,000 i = 0.025 t = 3 years n = 2 × 3 = 6 periods Step 2: Substitute the values into the formula. FV = 1,000,000 × ((1 + 0.025)^6 - 1)/(0.025) Step 3: Calculate the term (1.025)^6. (1.025)^6 ≈ 1.159693 Step 4: Calculate the future value. FV = 1,000,000 × (1.159693 - 1)/(0.025) FV = 1,000,000 × (0.159693)/(0.025) FV = 1,000,000 × 6.38772 FV = 6,387,720.00 b) 6 years Step 1: Identify the parameters. Pmt = 1,000,000 i = 0.025 t = 6 years n = 2 × 6 = 12 periods Step 2: Substitute the values into the formula. FV = 1,000,000 × (1 + 0.025)^12 - 10.025 Step 3: Calculate the term (1.025)^12. (1.025)^12 ≈ 1.344888 Step 4: Calculate the future value. FV = 1,000,000 × (1.344888 - 1)/(0.025) FV = 1,000,000 × (0.344888)/(0.025) FV = 1,000,000 × 13.79552 FV = 13,795,520.00 c) 10 years Step 1: Identify the parameters. Pmt = 1,000,000 i = 0.025 t = 10 years n = 2 × 10 = 20 periods Step 2: Substitute the values into the formula. FV = 1,000,000 × (1 + 0.025)^20 - 10.025 Step 3: Calculate the term (1.025)^20. (1.025)^20 ≈ 1.638616 Step 4: Calculate the future value. FV = 1,000,000 × (1.638616 - 1)/(0.025) FV = 1,000,000 × (0.638616)/(0.025) FV = 1,000,000 × 25.54464 FV = 25,544,640.00 Send me the next one 📸