SOLUTION: Payments of Rs. 8,500 were made at the end of each quarter into an account that pays an interest of 11% compounded quarterly. How much will be in that account after five years?

Question 972852: Payments of Rs. 8,500 were made at the end of each quarter into an account that pays an interest of 11% compounded quarterly. How much will be in that account after five years?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

Where

is the future value,

is the present value,

is the interest rate as a decimal,

is the number of compounding periods per year,

is the number of years, and

is the amount of the periodic payments.

For this problem:

I assume to be zero,

, and

. Plug in the numbers and do the calculator work.

Note: If the payments are made at the beginning instead of the end of the period, then the formula is:

John

My calculator said it, I believe it, that settles it

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