Question

I can’t figure this math equation out

Answer 1

Explanation:

Use the compounding formula

FV = PV ( 1 + i)^n FV = ? PV = 1500

i = decimal interest per period = .07/4

n = periods = 15 x 4/yr = 60

FV = $ 1500 ( 1 + .07/4)^60 solve for FV =$ 4247.72