Ask Question
29 July, 15:27

You wish to deposit $7,000 in an account at the shylock bank. the bank pays interest at a nominal annual rate of 10% compounded quarterly. what is the future value in the account after seven years?

+3
Answers (1)
  1. 29 July, 15:41
    0
    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 7000

    R interest rate 0.1

    K compounded quarterly 4

    T time 7 years

    A=7,000 * (1+0.1:4) ^ (4*7)

    A=13,975.47
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “You wish to deposit $7,000 in an account at the shylock bank. the bank pays interest at a nominal annual rate of 10% compounded quarterly. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers