Accounting

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I was just wondering if I was doing this right. In my accounting class we are studying furture value. I was wondering if I was doing this one right...

if I was to figure out $5000 that was compounded quartery at 6% for five years, how much would that be.

I did this... 5000(1.06/4)^5*4=6,734.23

Am I right? I 19 more questions to do that are like this one. If I am wrong, then please help me.

  • Accounting -

    Yes that is correct.

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