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Cornerstones of Financial Accounti...
Explain How Compound Interest Works
Jim Emig has 56,000
Required:
Calculate the future value of the S6.000 at 12% compounded quarterly for 5 years. (Note: Round answers to two decimal places.)
Concept introduction:
Time value of money:
Time value of money is the concept that differentiates the value of money received today and the value of same money received in future. According to this concept, the same amount of money to be received in future shall have lower present value (value of the money today) due to the interest that could be earned on that money.
To calculate:
The future value.
The future value is calculated as follows:
| Present value | $ 6,000 |
| Quarterly return % (12%/4) | 3% |
| Number of Quarters of ... |
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