SOLUTION: Suppose that $2000 is invested at a rate of 4.4% , compounded quarterly. Assuming that no withdrawals are made, find the total amount after 7years.Do not round any intermediate c

Algebra ->  Finance -> SOLUTION: Suppose that $2000 is invested at a rate of 4.4% , compounded quarterly. Assuming that no withdrawals are made, find the total amount after 7years.Do not round any intermediate c      Log On


   

Question 930905: Suppose that $2000 is invested at a rate of 4.4% , compounded quarterly. Assuming that no withdrawals are made, find the total amount after
7years.Do not round any intermediate computations, and round your answer to the nearest cent.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=2000(1+0.044/4)^(4*7)
FV=2000(1.011)^28
FV=2000*1.35841465
FV=2716.83