Answer:
$1156.18
Step-by-step explanation:
The future value (FV) is given from the payment (P), the interest rate (r) and the number of years (t) by ...
... FV = P·((1 +r/4)^(4t) -1)/(r/4)
... = (50)·(1 +.06/4)^(4·5) -1)/(.06/4)
... = 50·(1.015^20 -1)/.015 ≈ 1156.18
The future value is $1156.18.
