Math Question Help Needed

Accounting
Tutor: None Selected Time limit: 1 Day

You wish to deposit $7000 in an account at the bank. The bank pays interest at a nominal annual rate of 10% compounded quarterly. What is the future value in the account after 7 years?

Jun 5th, 2015

Thank you for the opportunity to help you with your question!

P=7000

R=10

N=7

A=P(1+R/400)^4N

A=7000(1.0250^28

=13975.47 DOLLARS

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Jun 5th, 2015

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