Leap Math Great
August 8th, 2011
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Math Help! Future Value.?
I am having such a hard time with this problem. I have been working on it for the past hour. If you could show me how to do it that would be great! thank you.
Find the future value of $5,200 at 7 3/4% compounded quarterly for 8 1/2 years. Ignore leap years. (Give your answers to the nearest cent.)
7.75% quarterly means that you are getting
1.9375% per period (7.75% / 4)
also, 8.5 years would = 34 periods (8.5 x 4)
So, using the formula:
A = P(1+i)^n
A = end amount
P = starting amount
i = interest rate
n = compound period
A = $5200(1+0.019375)^34
= $9,985.24232
= $9,985.24