Question 424976
3. Lena Dimock is saving for her college expenses. She sets aside $200 at the beginning of each three months in an account paying 8% annual interest, compounded quarterly. How much will Lena have accumulated in the account at the end of four years? (5 points)



Answer: Number of years times number of intrest periods per year = 4(4) = 16

                    Annual intrest rate/Number of periods per year = 8/4 = 2%

                   $200 ( 1.37279) = $274.558