Question
Beverly Hills started a paper route on January 1. Every three months, she deposits $650 in her bank account, which earns 8 percent annually but
Beverly Hills started a paper route on January 1. Every three months, she deposits $650 in her bank account, which earns 8 percent annually but is compounded quarterly. Four years later, she used the entire balance in her bank account to invest in an investment at 7 percent annually.
How much will she have after three more years? Use Appendix A and Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Future value $_______ ? answer in NOT 10,679.55
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started