Data:
Initial capital: C
Rate of interest: r
Time: t
Final Capital:F
Number of periods:n
C=700.00
r=3%=0.03
t=9years
n=4
F=?
Find the number of quarters in 9 years:
Use the next formula to find the balance or final capital after 9 years:
Then, the balance after 9 years id $2052.4