Find the future value and the compound interest of (a) $1800 invested at 3.7% compounded quarterly for

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Find the future value and the compound interest of
(a) $1800 invested at 3.7% compounded quarterly for 15.5 years;
(b) $1250 invested at 2.6% compounded monthly for 15 years.
Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...
Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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