Math question Help needed

Accounting
Tutor: None Selected Time limit: 1 Day

I decided to put in bank $1,000 a quarter for the next four years paying 12% interest compounded quarterly, How much will I have at end of 4th year rounded to nearest whole dollar?

Jun 17th, 2015

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Jun 17th, 2015

FV   =   P (1  +  r / n)n 

here; r = (12/4)% = 3% , n = 4x4 = 16, P = $1,000

FV   =   $1,000 x (1  +  .03)16

  FV = $1,605


Jun 17th, 2015

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