SOLUTION: Sam makes $442 contribution to a deposit account at the end of each quarter. The account earns 8% p.a. compounded quarterly. How much is the outstanding balance in 12 years?
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Question 1121085: Sam makes $442 contribution to a deposit account at the end of each quarter. The account earns 8% p.a. compounded quarterly. How much is the outstanding balance in 12 years?
Answer by ikleyn(52788) (Show Source): You can put this solution on YOUR website!
.
It is called "Ordinary Annuity saving plan".
The formula is
S = = .
Use your calculator.
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To learn the subject, read the lesson
- Ordinary Annuity saving plans and geometric progressions
in this site.
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