Mathematics
28.09.2022 11:08
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Monique deposited 1800 at the beginning of each quarter for 6 years into an ira.

Monique deposited 1800 at the beginning of each quarter for 6 years into an ira. given an interest rate of 6% compounded quarterly find the value
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osiharprasad4061
osiharprasad4061
4,7(40 marks)
Use the formula of the future value of annuity due because the amount of 1800 is deposited at the (beginning) of each quarter
The formula is
Fv=pmt [((1+r/k)^(kn)-1)÷(r/k)]×(1+r/k)
Fv future value?
PMT amount deposited 1800
R interest rate 0.06
K compounded quarterly 4
N time 6years
Fv=1,800×1+0.06÷4)^(4×6)
−1)÷(0.06÷4))×(1+0.06÷4))
=52,313.44answer
kezin
kezin
4,6(55 marks)

65

Step-by-step explanation:

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