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An annuity has end of quarter payments for twelve years, and the payment at the end of the jth quarter (j = 1, 2, ,
An annuity has end of quarter payments for twelve years, and the payment at the end of the jth quarter (j = 1, 2, , 48) is $100j. The payments are made directly into a savings account with a nominal interest rate of 4% payable quarterly, and they are left in the account. Compute the balance in the savings account immediately after the last payment.
Show working please, should not be done in excel. THANK YOU.
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