karlaposas7916 karlaposas7916

25-02-2021
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Find the accumulated value of $ 740 at the end of 7 years using a nominal annual rate of interest of 6 % compounded quarterly.

Respuesta :

ewomazinoade ewomazinoade

02-03-2021

Answer:

$1122.74

Explanation:

We are to find the future value of $740

The formula for calculating future value:

FV = P (1 + r/m)^nm

FV = Future value

P = Present value

R = interest rate = 6

N = number of years = 7

m = number of compounding = 4

$740 x (1 + 0.06/4)^7x4 = $1122.74

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