SOLUTION: Jonathan obtained his degree and started his own consulting company in January of 2010. At the end of each month he began saving R2 480.00 in his account and requested the bank to

Question 1196401: Jonathan obtained his degree and started his own consulting company in January of 2010. At the end of each month he began saving R2 480.00 in his account and requested the bank to quarterly debit three month sum of his exact savings towards his individual retirement account for a total period of ten years. The retirement account earned interest at 11% per annum, compounded quarterly. The amount that was available to him after ten years in the retirement account is?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
using the financial calculator at https://arachnoid.com/finance/index.html, i get fv = 530,235.00.
that's the amount available to him at the end of the 10 year investment period.
here are the results from using that calculator.

inputs were:
pv = 0
fv = 0
np = 10 * 4 = 40
pmt = 2480 * 3 = 7440
ir = 11%/4 = 2.75%
payment at end of time period
the time periods are in quarters of a year (every 3 month)
the number of quarters is 10 * 4 = 40
the interest rate per quarter is 11/4 = 2.75%
the payments are made at the end of each quarter.
click on fv and you get future value = 530,235.00.
that's the amount available at the end of the 10 year inversment period.
tghe payments are negative becauser that's the amount going out.
the future value is positive because that's the amount coming in.
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