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!
^{nt}\ +\ PMT\left(\frac{\left(1\ +\ \frac{r}{n}\right)\ -\ 1}{\frac{r}{n}}\right))
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:
^{nt}\ +\ PMT\left(\frac{\left(1\ +\ \frac{r}{n}\right)\ -\ 1}{\frac{r}{n}}\right)\left(1\ +\ \frac{r}{n}\right))
John
My calculator said it, I believe it, that settles it
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