Mathematics, 02.12.2019 07:31 romeroalexis817
The amount of an ordinary $7,500.00 annuity for 3 years at 12 percent compounded quarterly is
Answers: 3
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity}\\ \left. \qquad \qquad \right.(\textit{payments at the end of the period}) \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]](/tpl/images/0399/0795/2b5a9.png)
![\bf \qquad \begin{cases} A= \begin{array}{llll} \textit{accumulated amount}\\ \end{array} & \begin{array}{llll} \end{array}\\ pymnt=\textit{periodic payments}\to &7500\\ r=rate\to 12\%\to \frac{12}{100}\to &0.12\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four times} \end{array}\to &4\\ t=years\to &3 \end{cases} \\\\\\ A=7500\left[ \cfrac{\left( 1+\frac{0.12}{4} \right)^{4\cdot 3}-1}{\frac{0.12}{4}} \right]](/tpl/images/0399/0795/8c6b0.png)
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The amount of an ordinary $7,500.00 annuity for 3 years at 12 percent compounded quarterly is...
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