For the last 4 years Paul has made deposits of $94.00 at the end of every...

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For the last 4 years Paul has made deposits of $94.00 at the end of every...

For the last 4 years Paul has made deposits of $94.00 at the end of every three months earning interest at 5% compounded quarterly. If he leaves the accumulated balance for another 9

years at 12% compounded annually, what will the balance be in the account?

business finance

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Answer 1

Answer #1

We see that the balance in the account is given as equal to=94/(5%/4)*((1+5%/4)^(4*4)-1)*(1+12%)^9=4585.4782

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Answer 2

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