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?

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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) About Me  (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