SOLUTION: If $1400 is invested at an interest rate of 6.75% per year, compounded quarterly, find the value of the investment after 5 years. (Round your answers to the nearest cent.)

Question 998534: If $1400 is invested at an interest rate of 6.75% per year, compounded quarterly, find the value of the investment after 5 years. (Round your answers to the nearest cent.)
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Formula
P=Po{1+r/n}^nt
=1400{1+.0675/4}^20
=$1956.50. Round only at end
Rule of 70 would show doubling in about 10 years, so this makes sense.
Divide r by compoundings per year then raise to the total number of compoundings
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