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I can’t figure this math equation out

I can’t figure this math equation out-example-1
User Majom
by
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1 Answer

5 votes

Explanation:

Use the compounding formula

FV = PV ( 1 + i)^n FV = ? PV = 1500

i = decimal interest per period = .07/4

n = periods = 15 x 4/yr = 60

FV = $ 1500 ( 1 + .07/4)^60 solve for FV =$ 4247.72

User Vincent Cantin
by
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