Answer:
FV= $634.12
Step-by-step explanation:
Giving the following formula:
Initial investment (PV)= $500
Number of periods (n)= 3*4= 12 quarters
Interest rate (i)= 0.08/4= 0.02
<u>To calculate the future value, we need to use the following formula:</u>
<u></u>
FV= PV* (1 + i)^n
FV= 500*(1.02^12)
FV= $634.12
To figure this out youll have to multiply 64.80 by 2.5 first then youll get 162 after to figure out the answer you subtract 20 from that amount and get 142
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