find the future value, using the future value formula and a calculator. (round your answer to the nearest…

Explanation:

Step1: Identify the formula

The compound - interest formula is (A = P(1+\frac{r}{n})^{nt}), where (P) is the principal amount, (r) is the annual interest rate (in decimal), (n) is the number of times interest is compounded per year, and (t) is the number of years.

Step2: Convert the given values

Given (P=$592), (r = 5.5%=0.055), (n = 4) (compounded quarterly), and (t = 7) years.

Step3: Substitute the values into the formula

[ \begin{align*} A&=592\left(1+\frac{0.055}{4}\right)^{4\times7}\ &=592\left(1 + 0.01375\right)^{28}\ &=592\times(1.01375)^{28} \end{align*} ] Using a calculator, ((1.01375)^{28}\approx1.46888) Then (A = 592\times1.46888\approx869.58)

Answer:

(869.58)