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4 November, 03:05

For the next 6 years, you plan to make equal quarterly deposits of $600.00 into an accountpaying 8% compounded quarterly. How much will be the total you have at the end of the time

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  1. 4 November, 06:13
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    Final Value = $18,253.12

    Explanation:

    Giving the following information:

    For the next 6 years, you plan to make equal quarterly deposits of $600.00 into an account paying 8% compounded quarterly.

    To calculate the final value, we need to use the following formula:

    FV = {A*[ (1+i) ^n-1]}/i

    A = quarterly deposit = 600

    n = 6*4 = 24

    i = 0.08/4 = 0.02

    FV = {600*[ (1.02^24) - 1]} / 0.02 = $18,253.12
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