The Following Investment Requires Table Factors for Periods Beyond the Table

question 139

Short Answer

The following investment requires table factors for periods beyond the table. Create the new table factor, rounded to five decimal places, and calculate the compound amount, rounding to the nearest cent: $$\begin{array} { l l l l l l } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { New Table } & \text { Compound } \\\text { Principal } & \text { Investment } & \text { Rate } & \text { Compounded } & \text { Factor } & \text { Amount } \\\$ 6,200 & 8 \text { years } & 8 \% & \text { quarterly } &------ & -----\\\end{array}$$