Find the future value and interest if 56 780 is invested at

Find the future value and interest if $56, 780 is invested at 2.8% compound quarterly for 23 quarters.

Solution

compound interest formula: F = P(1 + r/n)^(nt)
F = final amount (or future value)
P = invested amount
r = annual interest rate
n = number of compoundings per year
t = number of years

FV = 56780( 1 +0.028/4) ^23

= $ 66661.21

 Find the future value and interest if $56, 780 is invested at 2.8% compound quarterly for 23 quarters.Solutioncompound interest formula: F = P(1 + r/n)^(nt) F

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