Nancy plans to deposit $1,000 quarterly for 35 years at 8.25% Interest, compounded monthly. How much will she
1 answer:
Answer:
$17,771.92
Step-by-step explanation:
A = P (1 + r/n)^nt
A = Future value (the answer you're trying to find)
P = Initial deposit ($1000)
R = Interest rate (8.25%; this will be represented as a decimal in the equation (.0825))
N = # of times interest is compounded per unit t (12)
T = Time (35)
35 * 12 = 420
1000 (1 + .0825/12)^420
1000(1.006875)^420
1000*17.77191635
A = $17,771.92 (rounded to the nearest hundredths)
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