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Home Q & A Board Science-Related Homework Help Mathematics
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Catracho Catracho
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Posts: 529
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5 years ago
Find the future value for the annuity due with given rate
payments of $200 for 7 years at 0.37% compounded quarterly
the future value of the annually due is  $?
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#1
Educator
5 years ago
Use the annuity formula:

\(A=\frac{R\left[\left(1+i\right)^n−1\right]}{i}\)

Where:

A=future value amount
R=regular deposit/payment
i=interest rate per compounding period
n=total number of deposits

R = $200
i = 0.37 / 100 / 4 (quarterly)
n = 7 * 4 (quarterly)

\(A=\frac{200\left[\left(1+0.000925\right)^{28}−1\right]}{0.000925}=5670.49\)
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