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24 January, 11:37

Calculate the future value of $7,000 earning 6% interest compounded quarterly for 7 years. (Round your answer to two decimal places.)

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  1. 24 January, 12:41
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    Use the compound interest formula.

    Let A = the ending amount

    Let P = the principal

    Let r = the interest rate

    Let n = the amount compounded a year

    Let t = time

    A = P (1 + r/n) ^ (n/t)

    Substitute your numbers in

    A = $7,000 (1 + 0.06/4) ^ (4/7)

    Solve for A

    A = $7,059.81
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