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Math

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Determine the future value of an annuity due into which quarterly deposits of $450 are made for nine years if the annuity pays 10% compounded quarterly.

  • Math -

    quarterly rate = .10/4 = .025
    number of quarter years in 9 yrs = 36

    Future value = 450((1.025^36 - 1)/.025
    = $25785.64

  • Math -

    Thanks Reiny

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