SOLUTION: If you invest $5,550.00 in an account for 5 years that earns an annual rate of 6.50% compounded quarterly, what is the future value?

SOLUTION: If you invest $5,550.00 in an account for 5 years that earns an annual rate of 6.50% compounded quarterly, what is the future value?

Algebra.Com

Question 457076: If you invest $5,550.00 in an account for 5 years that earns an annual rate of 6.50% compounded quarterly, what is the future value?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=5550(1+0.065/4)^4*5
FV=5550(1.01625)^20
FV=5550*1.38
FV=$7659.00
RELATED QUESTIONS
The Morenos invest $10,000 in an account that grows to $12,000 in 5 years. What is the... (answered by ewatrrr)

Ali invests $14 800 in an account that earns interest compounded semi-annually for 8... (answered by math_tutor2020)

1)Suppose you invest $150 at the end of each month for 6 years into an account earning 6% (answered by ikleyn)

a principal of $5000 is invested in an account paying an annual rate of 5%. find the... (answered by DrBeeee)

You invest $1,000 into an account where interest is compounded quarterly. If the account... (answered by RAY100)

You invest an initial $100 in an account that has an annual interest rate of 3%,... (answered by solver91311)

You invest an initial $100 in an account that has an annual interest rate of 3%,... (answered by Boreal)

1. Ellen has $8000 to invest in an RESP (Registered Education Savings Plan) for 7 years.... (answered by josmiceli)

What is the interest on $1200 invested for 2 years in an account that earns simple... (answered by tommyt3rd)