Answer:
FV= $11,823.42
Explanation:
Giving the following information:
Initial investment= $7,560
Interest rate= 0.05 / 4= 0.0125
Number of periods= 9*4= 36 quarters
To calculate the future value, we need to use the following formula:
FV= PV*(1+i)^n
FV= 7,560*(1.0125^36)
FV= $11,823.42