Suppose that when your friend was born, your friend's parents deposited $9000 in an account paying 3.4% interest compounded quarterly. What will the account balance be after 13 years?
+36916 Each quarter will be a period.
Periodic interest (i) will be .034/4 = .0085
Periods (n) will be 13 yrs x 4 qtr/yr = 52 periods
FV = PV (1+i)^n = 9000( 1+.0085)^52 =$ 13976.221
