If you invest $7,000 into a savings account that yields quarterly compound interest with an annual interest rate of 7%, how much will you have in the savings account after 19 years?
Answer: $ 26,165
i = 7 % x 1/4 = 1.75 %
n = 19 x 4 = 76
FVIF = ( 1 + r ) n = ( 1.0175 )76 = 3.7378
Future value of the investment = $ 7,000 x 3.7378 = $ 26,164.6
If you invest $7,000 into a savings account that yields quarterly compound interest with an annual...
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