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?
Thank you for the opportunity to help you with your question!
end of 4 years, FV4 = 1000 ( 1+0.12)4
FV3 = 100,000 × FVIF12%,4 years
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
then it will be
end of 4 years, FV4 = 1000 ( 1+0.12)4*3
Content will be erased after question is completed.
Enter the email address associated with your account, and we will email you a link to reset your password.
Forgot your password?