Could anyone please help me to rectify the following problem.

Compounded ROI Term(Yrs) Term (Months) TotTerm Instalment

Halfyearly 8% 6 0 =(6+(0/12)) 6 1000

(=8%/2) =6*2 =1000/2

2 0.04 12 =500

If I use Excel FV Function like this

FV(0.04, 12, -500, 0, 1)

The result becomes 7813.42

But if I calculate in the following way:

1000 6 =ROUND(1000*(1+(0.04))^(12),0) = 1601

1000 5 =ROUND(1000*(1+(0.04))^(10),0) = 1480

1000 4 =ROUND(1000*(1+(0.04))^(8),0) = 1369

1000 3 =ROUND(1000*(1+(0.04))^(6),0) = 1265

1000 2 =ROUND(1000*(1+(0.04))^(4),0) = 1170

1000 1 =ROUND(1000*(1+(0.04))^(2),0) = 1082

The result becomes 7967

The difference is being 153.58

I would like to know the correct Excel Function.

Thanks in advance.

Regards,