Find the interest earned and the future value of an annuity with quarterly payments of $600 for 8 years into an account that pay
s 5% interest per year compounded quarterly.
1 answer:
Answer:
interest earned= 292.878
the future value of an annuity= 892.878
Step-by-step explanation:
Given Data:
Interest rate= 5%
time,t = 8 years
Quarterly payment, P= 600
n= 4 as quarterly
At the end of 8 years, final investment A= ?
As per the interest formula
A= P(1+r/n)^nt
= 600(1+0.05/4)^32
= 892.878
Interest earned = A-P
= 892.878-600
= 292.878 !
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