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15 May, 11:09

You wish to deposit $7,000 in an account at the shylock bank. the bank pays interest at a nominal annual rate of 10% compounded quarterly. what is the future value in the account after seven years?

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  1. 15 May, 11:37
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    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 7000

    R interest rate 0.1

    K compounded quarterly 4

    T time 7 years

    A=7,000 * (1+0.1:4) ^ (4*7)

    A=13,975.47
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