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Popular Word Problems >

find the future value of 500.000.00 due in 2 years if the interest rate is 6% compound quarterly

Solution

solve for

t h e f u t u re v a l u e o f 500.000.00 d u e in 2 ye a rs i f t h e in t eres t r a t e i s 6% co m p o u n d q u a r t er l y

Solution

Amount : 563.25

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.06}{4})^{4 \cdot 2}

500 (1 + \frac{0.06}{4})^{4 \cdot 2} = 563.24629 \dots

Round to the nearest hundredth:

563.25

Amount : 563.25

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