4 Devin invests 27000 in a savings account that earns 215 co

4) Devin invests $27,000 in a savings account that earns 2.15% compounded quarterly. Find the balance after 6 years. (6 points)

Solution

Quarterly rate = 2.15/4 = .5375%

Number of quarters = 6*4= 24

Balance after 6 years =FVF .5375%,24 * Amount invested

               = 1.13730*27000

                = $ 30707.10

**find FVF from future value table