Calculate the future value of end-of-quarter payments of $7,000 made at 4.40% compounded monthly for 6...

Question

Question

Calculate the future value of end-of-quarter payments of $7,000 made at 4.40% compounded monthly for 6 years.

Answer 1

Answer #1

Effective annual rate of 4.4% compounded : 4.49% [(1+4.4%/12)^12-1] Convert that effective to nominal quarterly rate : 4.42%

Answer 2

Similar Homework Help Questions

Calculate the future value of end-of-month payments of $3,000 made for 6 years into an investment...

Calculate the future value of end-of-month payments of $3,000 made for 6 years into an investment fund that earns 6.50% compounded quarterly.
value: 10.00 points Payments of $1500 will be made at the end of every quarter for...

value: 10.00 points Payments of $1500 will be made at the end of every quarter for 13.5 years. a. Using a nominal rate of 7.5% compounded semiannually, calculate the annuity's present value. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Present value $ b. Using a nominal rate of 7.5% compounded semiannually, calculate the annuity's future value (Do not round intermediate calculations and round your final answer to 2 decimal places.) Future value $
Calculate the accumulated amount of end-of-month payments of $5,000 made at 3.21% compounded quarterly for 4...

Calculate the accumulated amount of end-of-month payments of $5,000 made at 3.21% compounded quarterly for 4 years. Round to the nearest cent How much should Austin have in a savings account that is earning 4.50% compounded quarterly, if he plans to withdraw $2,400 from this account at the end of every quarter for 9 years? Round to the nearest cent Zachary deposits $350 at the end of every quarter for 4 years and 6 months in a retirement fund at...

Calculate the maturity value of end-of-month payments of $5,000 made at 6.09% compounded quarterly for 3...

Calculate the maturity value of end-of-month payments of $5,000 made at 6.09% compounded quarterly for 3 years. Round to the nearest cent
1. Calculate the future value of a 23-year annuity with payments of $9,000 each year and...

1. Calculate the future value of a 23-year annuity with payments of $9,000 each year and an interest rate of 9% compounded annually. Round your answer to the nearest cent. 2. An annuity consists of quarterly payments of $1,500 each for 10 years at an interest rate of 6% compounded quarterly. Compute the future value of the annuity. Round your answer to the nearest cent. 3. Calculate the amount of each monthly payment in a 1-year annuity that has a...
Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given

Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given Then determine how much of this value is from contributions and how much is from interest R=9,400,9% interest compounded semiannually for 7 years The future value of the ordinary annuity is $_______ (Round to the nearest cent as needed)

Find the future value of an ordinary annuity, if payments are made of $150 and interest is 7.25%

Find the future value of an ordinary annuity, if payments are made of $150 and interest is 7.25% compounded monthly for 14 years A. $43,884.49 B. $43,696.95 C. $43,471.85 D. $43,734.49
Quarter-end payments of $1,590 are made to settle a loan of $35,280 in 8 years. What...

Quarter-end payments of $1,590 are made to settle a loan of $35,280 in 8 years. What is the effective interest rate? % Round to two decimal places Raymond leased equipment worth $30,000 for 6 years. If the cost of borrowing is 6.79% compounded semi-annually, calculate the size of the lease payment that is required to be made at the beginning of each half-year. Round to the nearest cent
What is the future value of 25 periodic payments of $5,630 each made at the beginning...

What is the future value of 25 periodic payments of $5,630 each made at the beginning of each period and compounded at 8%? What is the present value of $3,440 to be received at the beginning of each of 29 periods, discounted at 5% compound interest? What is the future value of 15 deposits of $2,640 each made at the beginning of each period and compounded at 10%? (Future value as of the end of the 15th period.) What is...

1. Determine the future value on a savings of $5,000 for 6 years (N) compounded quarterly,...

1. Determine the future value on a savings of $5,000 for 6 years (N) compounded quarterly, at 3% per annum. 2. Determine and compare using same information on #1 above but compounded monthly 3. You have an opportunity to invest your $25,000.00, in a local company that has offered to pay you 8% in the first year, and 9% in the second year. What is the total principal and interest at the end of the second year? Note that interest...