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Suppose that $216 is invested 2.33% interest compounded quarterly. How much is in the account after 6 years

Deathstroke_rule  Feb 26, 2017
 #1
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216 x 0.0233 = 5.0328

5.0328 x 4 (4 times a year ) = 20.1312

20.1312 x 6 (6 years) = 120.7872

Answer = $120.79

Guest Feb 27, 2017
 #2
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Suppose that $216 is invested 2.33% interest compounded quarterly. How much is in the account after 6 years

 

FV = PV [ 1 + R]^N

FV =216 x [ 1 + 0.0233/4]^(6*4)

FV =216 x 1.005825^24

FV =216 x 1.1495774...

FV =$248.31

Guest Feb 27, 2017

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