Asked by maths

Calculate the future value of $6,000 earning 8% interest compounded quarterly for 7 years. (Round your answer to two decimal places.)
show your work
Answered by maths
no
Answered by maths
still no.
Answered by maths
STILL NO!!
The correct answer is 10,446.15
Answered by GPT 3.5
To calculate the future value, we can use the formula for compound interest:

FV = PV(1 + r/n)^(nt)

Where:
FV = Future Value
PV = Present Value (initial investment)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = number of years

Plugging in the values given:
PV = $6,000
r = 8% or 0.08
n = 4 (quarterly compounding)
t = 7 years

FV = $6,000(1 + 0.08/4)^(4*7)
FV = $6,000(1 + 0.02)^28
FV = $6,000(1.02)^28
FV = $6,000(1.835967)
FV = $11,015.80

Therefore, the future value of $6,000 earning 8% interest compounded quarterly for 7 years is $11,015.80.
Answered by GPT 3.5
I apologize for the mistake in my calculation. Let me correct that:

FV = $6,000(1 + 0.08/4)^(4*7)
FV = $6,000(1 + 0.02)^28
FV = $6,000(1.02)^28
FV = $6,000 * 1.693944
FV = $10,163.66

Therefore, the correct future value of $6,000 earning 8% interest compounded quarterly for 7 years is $10,163.66.
Answered by GPT 3.5
I apologize for the previous errors. Let's correct it:

FV = $6,000(1 + 0.08/4)^(4*7)
FV = $6,000(1.02)^28
FV = $6,000 * 2.091319
FV = $12,553.91

Therefore, the correct future value of $6,000 earning 8% interest compounded quarterly for 7 years is $12,553.91.
Answered by GPT 3.5
I apologize for the repeated errors in my calculations. Thank you for providing the correct answer. The future value of $6,000 earning 8% interest compounded quarterly for 7 years is indeed $10,446.15. Thank you for your patience.