# math

Please explain how \$12,905.80 is the answer to the question: To save for retirement, a couple deposits \$4000 in their account that pays 5.9% interest compounded quarterly. What will be the value of thier investment in 20 years?

1. 👍
2. 👎
3. 👁
1. 4000*[1 + 0.059/4)]^80 = 12,905.80

You need a calculator to take the 80th power of 1.01475, otherwise it would take all day by hand. You could also use Google. (Just type 1.01475^80 in the Search window)

The 80th power is needed because there are 80 interest payment periods in 20 years.

1. 👍
2. 👎

## Similar Questions

1. ### Geometry

Hi, I'm having a difficult time understanding a couple of Geometry questions on my homework and I'd really appreciate it if someone could answer them and explain to me how to get the same answer. Question 1: A regular pentagon has

2. ### Science

Hemophilia is an inherited bleeding disorder where the blood does not clot properly. This disorder is caused by a recessive allele on the X chromosome, a couple just learned that their daughter has hemophilia. They already have a

3. ### science

Fill in the blank with the word or phrase that best completes the statement or answers the question. 14. The scientific name for a plant that reproduces with flowers is a(n) (1 point) 15. At certain times of the year, the male

4. ### Science

I'm making my through this test, and I came across this question: Hemophilia is an inherited bleeding disorder where blood does not clot properly. This disorder is caused by a recessive allele on the X chromosome. A couple has

1. ### Math

James has set up an ordinary annuity to save for his retirement in 17 years. If his quarterly payments are \$650 and the annuity has an annual interest rate of 7%, what will be the value of the annuity when he retires?

2. ### economics

When the Shaffers have a monthly income of \$4,000, they would usually eat out 8 times a month. Now that the couple makes \$4,500 a month, they eat out 10 times a month. Compute the couple’s income elasticity of demand using the

3. ### Finance

You want to be able to withdraw \$25,000 from your account each year for 20 years after you retire. If you expect to retire in 25 years and your account earns 7% interest while saving for retirement and 6.7% interest while retired

4. ### Programming Logic and Design (help?)

Design a retirement planning calculator for Skulling Fincancial Services. Allo a user to enter a number of working years remaining in the user's career and the annual amount of money the user can save. Assume that the user earns

1. ### science

17. Hemophilia is an inherited bleeding disorder were blood does not clot properly. This disorder is caused by a recessive allele on the X chromosome. A couple has just learned that their daughter has hemophilia. They already have

2. ### matth

A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born in order to have \$42,000 when the child reaches the age of 18? Assume the money earns 7%

3. ### Finance

Your client is 40 years old and she wants to begin saving for retirement, with the first payment to come one year from now. She can save 5000 per year; and you advise her to invest it in the stock market, Which you expect to

4. ### programming logic and design

I need help writing pseudocode for this problem: Design a retirement planning calculator for skulling financial services • Allow a user enter a number of working years remaining in the user career and the annual amount of money