Answer:
FV= $107.76
Explanation:
Giving the following information:
Present value (PV)= $100
Interest rate (i)= 0.025/4= 0.00625
Number of periods (n)= 3*4= 12 quarters
To calculate the future value, we need to use the following formula:
FV= PV*(1+i)^n
FV= 100*(1.00625^12)
FV= $107.76
