An investment of $7,650 earns interest at the rate of 5% and is compounded quarterly. what is the accumulated value of the investment at the end of 9 years?
a.
$11,964.17
b.
$11,867.66
c.
$9,338.56
d.
$8,554.94

FV = P(1 + r/t)^nt; where P is the initial investment, r is the rate, t is the number of accumulation in a year, n is the number of years.

FV = 7650(1 + 0.05/4)^(9 x 4) = 7650(1 + 0.0125)^36 = 7650(1.0125)^36 = 7650(1.564) = $11,964.17

A ) $11,964.17