Question

$600are deposited into an account quarterly for six years at an interest rate of 5.9?% compounded quarterly. how much is in the account at the end of the 6 ?years?

Answer 1

Hi there
The formula of the future value of annuity ordinary is
Fv=pmt [(1+r/k)^(kn)-1)÷(r/k)]
Fv future value?
PMT quarterly payment 600
R interest rate 0.059
K compounded quarterly 4
N time 6 years

Fv=600×(((1+0.059÷4)^(4×6))
÷(0.059÷4))=57,806.50

Hope it helps