SOLUTION: Hi, I need help on this problem: Determine the amount of the ordinary annuity at the end of the given period. (Round your final answer to two decimal places.) $600 deposited quart

Question 866152: Hi, I need help on this problem: Determine the amount of the ordinary annuity at the end of the given period. (Round your final answer to two decimal places.)
$600 deposited quarterly at 6.2% for 8 years
I've already tried 3 times, my equation was A=600 x (1+0.062)^32-1 /0.062, and I got the answers $56657.80, 5981.28, 56657.79
Thank you!

Answer by DrBeeee(684) (Show Source): You can put this solution on YOUR website!
I don't know what your -1/0.062 means, but your major mistake is not dividing the annual % rate of 0.062 by 4 to get the quarterly rate. The formula is
(1) B = P*(1+r/4)^(4*t) or
(2) B = 600*( 1+ 0.062/4)^(4*8) or
(3) B = 600*(1 + 0.0155)^32 or
(4) B = 600*(1.0155)^32 or
(5) B = 600*1.6359 or
(6) B = 981.54
RELATED QUESTIONS
Determine the amount of the ordinary annuity at the end of the given period. (See Example (answered by ikleyn)

Determine the amount of the ordinary annuity at the end of the given period. (Round your... (answered by ikleyn)

Determine the amount of the ordinary annuity at the end of the given period. (Round your... (answered by Boreal,ikleyn)

Determine the amount of the ordinary annuity at the end of the given period. (See Example (answered by Boreal)

A person makes annual payments of $1000 into an ordinary annuity. At the end of 5 years,... (answered by swincher4391)

Find the amount (future value) of the ordinary annuity. (Round your answer to the nearest (answered by stanbon)

We have used the formula A = R (1 + i)n − 1 i to find the future value of... (answered by MathLover1,MathTherapy,ikleyn)

Find the present value of the ordinary annuity. (Round your answer to the nearest cent.) (answered by Theo)

Find the amount (future value) of an ordinary annuity of $1600 per semiannual period for... (answered by mananth)