Mia deposits $300 at the beginning of each quarter for 10 years into an account earning...
Mia deposits $300 at the beginning of each quarter for 10 years into an account earning 5% quarterly. Find the amount in the account after 10 years.
Homework Answers
Information provided:
Annual deposit= $300
Time= 10 years*4= 40 quarters
Interest rate= 5%/4= 1.25% per quarter
The question is solved by calculating the future value of annuity due.
Annuity due refers to annuity that occurs at the beginning of a period.
This can be solved using a financial calculator by inputting the below into the calculator:
The financial calculator is set in the end mode. Annuity due is calculated by setting the calculator to the beginning mode (BGN). To do this, press 2ndBGN 2ndSET on the Texas BA II Plus calculator.
Enter the below in a financial calculator to compute the future value of ordinary due:
PMT= 300
N= 40
I/Y= 1.25
Press the CPT key and FV to compute the future value of annuity due.
The value obtained is 15,639.95.
Therefore, the amount in the account after 10 years will be is $15,639.95.
In case of any query, kindly comment on the solution.
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