$1346.86
1) Having these data, we can write out the following:
6% interest compounded quarterly
Present Value: 1,000
5 years
2) Let's plug into the formula below:
[tex]\begin{gathered} F=P(1+\frac{r}{n})nt \\ F=1000(1+\frac{0.06}{4})^{4\cdot5} \\ F=1346.8555\approx1346.86 \end{gathered}[/tex]Notice the rate is given in the decimal form. N stands for the number of periods that it is compounded.
3) Hence, the future value is: $1346.86 approximately
