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4) Devin invests $27,000 in a savings account that earns 2.15 compou.pdf

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4) Devin invests $27,000 in a savings account that earns 2.15% compounded quarterly. Find the balance after 6 years. (6 points) Solution Quarterly rate = 2.15/4 = .5375% Number of quarters = 6*4= 24 Balance after 6 years =FVF .5375%,24 * Amount invested = 1.13730*27000 = $ 30707.10 **find FVF from future value table.

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4) Devin invests $27,000 in a savings account that earns 2.15% compounded quarterly. Find the balance after 6 years. (6 points) Solution Quarterly rate = 2.15/4 = .5375% Number of quarters = 6*4= 24 Balance after 6 years =FVF .5375%,24 * Amount invested = 1.13730*27000 = $ 30707.10 **find FVF from future value table

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  • 1. 4) Devin invests $27,000 in a savings account that earns 2.15% compounded quarterly. Find the balance after 6 years. (6 points) Solution Quarterly rate = 2.15/4 = .5375% Number of quarters = 6*4= 24 Balance after 6 years =FVF .5375%,24 * Amount invested = 1.13730*27000 = $ 30707.10 **find FVF from future value table