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Q3. Assume $1500 is invested for 12 years. The annual interest rate is 8 %, but the interest rate will be compounded quarterly. What is

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Q3. Assume $1500 is invested for 12 years. The annual interest rate is 8 %, but the interest rate will be compounded quarterly. What is N? What is the periodic (quarterly) interest rate? What will be the accumulated FV in 12 years? PV 1500 PMT 0 FV ? (8/100)/4=0.02 N 12*4= 48 Thus, FV=

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