Find the future value.
-$5789 invested for 9 years at 5% compounded quarterly
A) $9070.48
B) $8980.64
C) $9053.67
D) $9028.86

Question

Quizplus · Accepted Answer

The future value is calculated using the formula for compound interest: FV = P(1 + r/n)^(nt), where P is the principal amount ($5789), r is the annual interest rate (0.05), n is the number of times interest is compounded per year (4), and t is the number of years (9). Plugging in these values gives FV = 5789(1 + 0.05/4)^(4*9) = $9053.67.

Find the Future Value