Solve for the future value ( FV) of the following investment: \$250@8.5\% cq for 6 years

Step 1 ：Given an investment of $250 with an annual interest rate of 8.5% compounded quarterly for 6 years, we are to find the future value of this investment.

Step 2 ：The formula for calculating the future value of an investment is given as \(FV = PV * (1 + \frac{r}{n})^{nt}\) where:

Step 3 ：\(FV\) is the future value of the investment

Step 4 ：\(PV\) is the present value of the investment

Step 5 ：\(r\) is the annual interest rate (in decimal form)

Step 6 ：\(n\) is the number of times that interest is compounded per year

Step 7 ：\(t\) is the time the money is invested for in years

Step 8 ：Substituting the given values into the formula, we have \(PV = 250\), \(r = 0.085\), \(n = 4\), and \(t = 6\)

Step 9 ：Calculating the future value, we get \(FV = 250 * (1 + \frac{0.085}{4})^{4*6}\)

Step 10 ：\(FV = 414.1042403728056\)

Step 11 ：Rounding off to two decimal places, we get \(FV = 414.10\)

Step 12 ：\(\boxed{The future value of the investment is approximately $414.10}\)