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
