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CSEPUB HW 1 (DUE 1/24) Understanding the Organic Newtab SePub - Electronic Put x + V https://www.csepub.com/exercise/users/an
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Answer #1

Amount invested = $10,930.00

Annual interest rate = 8.00%
Quarterly interest rate = 8.00% / 4
Quarterly interest rate = 2.00%

Period = 6 years or 24 quarters

Future value = Amount invested * (1 + Quarterly interest rate)^Period
Future value = $10,930.00 * 1.02^24
Future value = $10,930.00 * 1.608437
Future value = $17,580.22

So, the account will be worth $17,580.22

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