Answer:
$2,694.08
Step-by-step explanation:
PV = present value
FV = future value (maturity value)
Yrs = number of years
P/Y = number payment per year
APR = annual percentage rate
i = interest rate in percent per period = APR / (P/Y)
N = number of periods = Yrs * (P/Y)
PV = $2,500.00
Yrs = 3
P/Y = 4
APR = 0.025
Pmt = $.00
i = 0.025 / 4 = 0.00625
N = number of periods = Yrs * (P/Y) = 3*4 = 12
(1 + i)^N = 1.07763259885603
FV = PV (1 + i)^N - Pmt (( 1+i)^N-1)/ i
FV = 2500*1.07763259885603 - * ( 1.07763259885603-1)/ 0.00625
FV = $2,694.08
