An investment of $7,650 at the rate of 5% and is compounded quarterly. What is the investment at the end of 9 years?
1 answer:
Answer:
FV = P(1 + r/t)^nt; where P is the initial investment, r is the rate, t is the number of accumulation in a year, n is the number of years.
FV = 7650(1 + 0.05/4)^(9 x 4) = 7650(1 + 0.0125)^36 = 7650(1.0125)^36 = 7650(1.564) = $11,964.17
Step-by-step explanation:
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