I really need business/finance math help.

[Lostinmathematics]

1. Margaret Hillman invested 7,000 at 1.6 compounded quarterly for one year. Find the future value and the interest earned for the year.

Future Value is ___?
Compound Interest is ____?

 

[Lostinmathematics]

1. Margaret Hillman invested 7,000 at 1.6 compounded quarterly for one year. Find the future value and the interest earned for the year.

Future Value is ___?
Compound Interest is ____?

7000 x 1.016 = 7112 x 1.016, x 1.016, x 1.016 = 7458.87
I can't be certain I'm doing this correctly.
I have my book in front of me, but it shows a lot of different types of future values.

 

[Lostinmathematics]

Thank you all for helping me. Sorry for the late response!