document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=866152>Question 866152</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Hi, I need help on this problem: Determine the amount of the ordinary annuity at the end of the given period. (Round your final answer to two decimal places.)<BR>\n" );
document.write( "$600 deposited quarterly at 6.2% for 8 years\r<BR>\n" );
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document.write( "I've already tried 3 times, my equation was A=600 x (1+0.062)^32-1 /0.062, and I got the answers $56657.80, 5981.28, 56657.79 \r<BR>\n" );
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document.write( "Thank you! <BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #522079 by </B><A HREF=/tutors/aboutme.mpl?userid=DrBeeee><B>DrBeeee(684)</B></A><img src=\"/images/stars/stars-11.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=DrBeeee><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=522079\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> I don't know what your -1/0.062 means, but your major mistake is not dividing the annual % rate of 0.062 by 4 to get the quarterly rate. The formula is<BR>\n" );
document.write( "(1) B = P*(1+r/4)^(4*t) or<BR>\n" );
document.write( "(2) B = 600*( 1+ 0.062/4)^(4*8) or<BR>\n" );
document.write( "(3) B = 600*(1 + 0.0155)^32 or<BR>\n" );
document.write( "(4) B = 600*(1.0155)^32 or<BR>\n" );
document.write( "(5) B = 600*1.6359 or<BR>\n" );
document.write( "(6) B = 981.54 </SPAN>\n" );
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