To calculate the future value of a $7,000 investment with a 2.05% interest rate and quarterly simple interest payments over 9 years, you can use the following formula:
Future value = Principal * (1 + (Interest rate / Number of compounding periods per year)) ^ (Number of years * Number of compounding periods per year)
Plugging in the values given in the question, we get:
Future value = $7,000 * (1 + (0.0205 / 4)) ^ (9 * 4)
This simplifies to:Future value = $7,000 * (1.005125) ^ 36
Using a calculator or spreadsheet to calculate this value, we get:
Future value = $8,414.35
Therefore, the correct answer is [B] $8,414.35.