Find the future value accumulated in an annuity after investing periodic payments of %142 for 6 years at an annual interest rate of 6.25%, with payments made and credited 4 times per year.
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i take it that payments P are at the end of each quarter
and that interest is also compounded quarterly, ie @ 0.0625/4 = 0.015625
FV = P(1+r)^n - 1)/r
FV = 142(1.015625^24 - 1) /0.015625
= $4096.68
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if being deposited at start of period, multiply tha above by 1.015625
and that interest is also compounded quarterly, ie @ 0.0625/4 = 0.015625
FV = P(1+r)^n - 1)/r
FV = 142(1.015625^24 - 1) /0.015625
= $4096.68
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if being deposited at start of period, multiply tha above by 1.015625