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Future Value with annual, semi annual, quartrly compounding

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1. A deposit of $7,000 is made on January 1, 2008. The deposit will earn interest at a rate of 8%. How much will be accumulated on January 1, 2013, assuming that interest is compounded (a) annually (b) semiannually (c) quarterly?

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The expert calculates the future value with annual, semi annual, quartrly compounding.

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1. A deposit of $7,000 is made on January 1, 2008. The deposit will earn interest at a rate of 8%. How much will be accumulated on January 1, 2013, assuming that interest is compounded (a) annually (b) semiannually (c) quarterly?

Note: the abbreviations have the following meanings

FVIF= Future Value Interest Factor
It can be read from tables or calculated using the following equations
FVIF( n, ...

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