Home I My Classes Israel Jimenez ome N Math Sails and or MAT

Home I My Classes Israel Jimenez ome N Math Sails and or MAT 135P Summer 2018Assessment Finance Application #1 Homework Due Tue 07/17/2018 11:00 pm Find the final amount of money in an account if $700 is deposited at 7.5%-rrest corpoundedquarterty (every 3 months)and the money is left for S years. 0111/1 The final amount is S Round onswer to 2 decimal places Polnts possible: 1 Unlimited attempts. Mersage instructor about this question Grade: 3/6 m.

Solution

PV = $700

Rate= 7.5%/4= 1.875%

N= 5*4= 20

FV= PV*(1+r)^n

= 700*(1+0.01875)^20

Final amount =1014.96