Question
An investor makes three deposits into a fund at the end of 1, 4, 6 years. The amount of the deposit at time is $
An investor makes three deposits into a fund at the end of 1, 4, 6 years. The amount of the deposit at time is $. Find the size of the fund at the end of 8 years, if the nominal rate of discount convertible quarterly is 0.06.
Here is what I tried:
where and (nominal rate of discount).
I am showing this is incorrect, but I cannot manage to see where I am going wrong. It could be the equation itself is wrong, or it could be my algebra.
Thanks in advance!
****update: I realized I wasn't figuring in the 'convertible quarterly' into my equation, and of course, this resolved my issue. I now have the correct answer of $427.949701287*** Sorry for the waste of time lol
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