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if geoff makes quarterly deposits of $1,000 into an account that pays 1.4% interest quarterly, how long will it take for his principal to grow to $10,000? use the future balance of a periodic investment formula from example 3 to answer the question. round to the nearest tenth of a year.

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The future value of the investment is  $4,017.72

Solve the problem ?

The future value of a lump sum that is compounded can be determined using this formula:

FV = P (1 + r)^nm

   FV = Future value  

   P = Present value = the value of the lump sum today = $2000

   R = interest rate =  APR / frequency of compounding = 7/12 = 0.583  

   m = number of compounding = 12  

   N = number of years = 10

2000 x (1 + 0.00583)^(12 x 10)

= 2000 x (1.00583)^120

= $4,017.72

To learn more about periodic investment refer

https://brainly.com/question/24703884

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