Asked by Katherine

How do I calculate the future value of the following?

$5,000 compounded annually at 12% for 2 years
$5,000 compounded semiannually at 12% for 2 years
$5,000 compounded quarterly at 12% for 2 years
$5,000 compounded monthly at 12% for 2 years
Answered by Mike
Walter's savings account has a balance of $273. After 5 years, what will the amount of interest be at 5% compounded quarterly?