(Solved): What is the excel function for this equation? Please show the solution and formula in excel. Thank y ...

What is the excel function for this equation? Please show the solution and formula in excel. Thank you.

Chloe loans out a sum of \( \$ 1,000 \) every quarter to her associates at an interest rate of \( 4 \% \), compounded quarterly. How much does she stand to gain if er loans are repaid after three years? \( \$ 15,025.8 \) \( \$ 15,318.6 \) Reason: There will be 12 compounding periods. Hence, the future value of the sum is calculated as: \[ \begin{array}{l} F=A \cdot(F / A, i, m) \\ F=1,000 \cdot(F / A, 4 \%, 12) \\ F=1,000 \cdot(15.0258) \\ F=\$ 15,025.8 \end{array} \]