Phil had made $1200 deposits in an annuity due at the beginning of each quarter in an account earning 6% interest compounded quarterly. What is the future value of the account in 2years? pay attention this is Annuity due not ordinary annuity

ractice Tests

10271.20

$5,835.12

$5,991.53

$5,902.99

Question

Cullen Bishop

19 December, 05:21

+3

Answers (1)

Know the Answer?

Jamir Reyes · Answer 1

Formula and set up:

A = P (1 + r/n) ^ (nt)

You want A.

A = 1200 (1 + (0.06) / 2) ^ (0.06) (2)

Plug right side into calculator to find A.

Phil had made $1200 deposits in an annuity due at the beginning of each quarter in an account earning 6% interest compounded quarterly. What is the future value of the account in 2years? pay attention this is Annuity due not ordinary annuityractice Tests10271.20$5,835.12$5,991.53$5,902.99