What are the future value and the interest earned if 3000 IS INVESTED FOR 5 YEARS AT 8% compound quarterly ? Round to the nearest cent. What would the future value be?

Solution

Solution

Interest : 1457.84

Solution steps

Translate the problem into an equation:

4457.84 = 3000 + I

Solve for

I, 4457.84 = 3000 + I : I = 1457.84

Interest : 1457.84

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