ind the future value, using the future value formula and a calculator. (Round your answer to the nearest cent.) $814 at 5.5% compounded quarterly for 3 years

Answer 1

FV = PV(1+r/n)^nt where

PV = Present Value

FV = Future Value

r = annual interest rate

n = number of compounding periods per year

t = years

FV = 814(1+.055/4)^4(3) = 814(1.01375)^12= 958.9474564

= $958.95 rounded to nearest cent