You make a quarterly deposit of $116 into a savings account for the next 12 years....

Question

Question

You make a quarterly deposit of $116 into a savings account for the next 12 years. How much can you withdraw immediately afte

Answer 1

Answer #1

i = 2% per quarter

n = 12 years = 12*4 = 48 quarters

quarterly deposits = 116

The ammount that you can withdraw = 116*(F/A,2%,48) = 116*79.35352 = 9205

Answer 2

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