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vova2212 [387]
2 years ago
13

Rodney Cashman has been investing $2,000 quarterly for the past 18 years in an equity mutual fund. How much is the fund worth no

w assuming he has earned 11.5% compounded quarterly on his investment?
Business
1 answer:
leva [86]2 years ago
4 0

Answer:

<em>Rodney Cashman's fund is worth $ 465,862.95 after investing for the past 18 years.</em>

Explanation:

Given: Number of periods - 18 years * 4 quarters = 72

Periodic payment - $2,000

Interest Rate - 11.5%

Formula: FV of Annuity= p [(1+ r/m)n-1/ (r/m)]

Where:

P - Periodic Payment

r - interest rate

n - number of periods

m - compounding period

FV of Annuity =$ 465,862.95

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