SOLUTION: Assume that you make quarterly payments of $700 into an annuity paying 8% interest compounded quarterly. How much will be in the account after 12 years?

Question 1198971: Assume that you make quarterly payments of $700 into an annuity paying 8% interest compounded quarterly. How much will be in the account after 12 years?
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!

where is the future value of the account
is your monthly payment
is the annual percentage rate presented as a decimal
is the number of payments (= the number of years multiplied by , in this case)

Under the given conditions, ; ; .
So, according to the formula above, you get at the end of the -th year

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