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

Thank you for the opportunity to help you with your question!

At the end of 4 years, FV4 = 1000 ( 1+0.12)4

1000[1.6]

1600

or

FV3 = 100,000 × FVIF12%,4 years

1000*1.6

1600


Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 17th, 2015

I think all tutors are not reading the question correctly. It states I will be putting $1,000 in to my account every quarter for the next four years. Not just once but every quarter for the next 4 years

Jun 17th, 2015

then it will be

At the end of 4 years, FV4 = 1000 ( 1+0.12)4*3

1000[4.9]

4900

Jun 17th, 2015

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