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saveliy_v [14]
3 years ago
10

What is the value of an annuity due at the end of 15 years of quarterly deposits of $2,000.00 with terms of 8 percent compounded

quarterly? $228,102.00 $228,120.00 $232,665.14 $232,666.08
Business
1 answer:
elena55 [62]3 years ago
4 0

Explanations:

The formula for future value given

deposit amount, A = 2000

deposit interest,  i = 8% annually = 8/4 = 2%, compounded quarterly

compounding period = quarterly

number of periods, n = 15 years = 4*15 = 60 periods (quarters)

The future value is given by:

FV = A*((1+i)^n-1)/i

= 2000*(1.02^60/0.02)

= $228103.08  (rounded to the nearest cent).

The difference in the answer choice is probably due to the teacher's calculator does not have sufficient accuracy.

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