SOLUTION: Find the future value of an ordinary annuity of $1,000 paid quarterly for 5 years, if the interest rate is 20%, compounded quarterly. (Round your answer to the nearest cent.) P

Question 1088649: Find the future value of an ordinary annuity of $1,000 paid quarterly for 5 years, if the interest rate is 20%, compounded quarterly. (Round your answer to the nearest cent.)
Please show work please. Thank you
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
FV of an annuity = P[((1+r/n)^(nt)-1)/r]
= 1,000[((1+0.2/4)(4*5)-1)/(0.2/4)
= 33,066

Answer by MathTherapy(10551) (Show Source): You can put this solution on YOUR website!

Find the future value of an ordinary annuity of $1,000 paid quarterly for 5 years, if the interest rate is 20%, compounded quarterly. (Round your answer to the nearest cent.)
Please show work please. Thank you

Correct answer:
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