Answer:
Future value = 16007.81437
Explanation:
we have to compound all the rates for the time period together as the 7,750 as exposed to this rate and their interest generated in one period are taking into consideration for the subsequent period interest calculations.
[tex]7,750 (1.06)^3(1.066)^2(1.073)^6 = FV[/tex]
We multiply them and get the future value factor:
[tex]7,750 \times 2.065524435 = FV[/tex]
we now can solve for future value:
Future value = 16007.81437
