Alba is Saving for a big overseas trip she hopes to take her senior year in college , which is four years away . She plans to de posit 10,000 at the end of each quarter in an account earning 8% annual interest , compounded quarterly . How much money will alba have for trip after 20 years ?
1 answer:
Answer:
FV= $1,937,719.58
Step-by-step explanation:
Giving the following information:
Quarter deposit= $10,000
Number of periods= 20*4= 80
Interest rate? 0.08/4= 0.02
<u>To calculate the future value, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= quarter deposit
FV= {10,000*[(1.02^80) - 1]} / 0.02
FV= $1,937,719.58
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