Question

You are going to invest $5000 at 6.5% compounded quarterly. How much money will you have after 10 years? (remember to round money to 2 decimal places)

Answer 1

Below

Explanation:

Formula : FV = PV ( 1 + i)^n <====you just have to LEARN/KNOW this

FV = future value = ? PV = present value = 5000

Periods per year 4 n = periods = 40

interest per period in decimal form .065/5

Plug in the values :

FV = 5000 (1 + .065/4)^40 = 9527.79 dollars