Calculate the future value of $5,057 invested for 9 years at a rate of 4.27% p.a.,...

Calculate the future value of $5,057 invested for 9 years at a rate of 4.27% p.a., the interest is compounded quarterly.

Please give your solution correct to 2 decimal places

Solutions

Expert Solution

FV = the future value of money
PV = the present value = $5057
i = the interest rate or other return that can be earned on the moneym = 4.27%
t = the number of years to take into consideration = 9
n = the number of compounding periods of interest per year = 4

FV = the future value of money

so the future value will be = 7411.53

jeff jeffy answered 1 year ago

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