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Explain How Compound Interest Works Use Future Value of a Single Amount, Present Value of a Single Amount, Future Value of an Annuity and Present

Explain How Compound Interest Works

Use Future Value of a Single Amount, Present Value of a Single Amount, Future Value of an Annuity and Present Value of an Annuity, or your calculator to complete the requirement below.

Jim Emig has $6,000.

Required:

Calculate the future value of the $6,000 at 12% compounded quarterly for 5 years. Round factors to five decimal places and final answer to the nearest cent.

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