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Jane Adele deposits $700 in an account at the beginning of each 3-month period for 8 years. If the account pays interest at the rate

Jane Adele deposits $700 in an account at the beginning of each 3-month period for 8 years. If the account pays interest at the rate of 4%, compounded quarterly, how much will she have in her account after 8 years?

(a) State whether the problem relates to an ordinary annuity or an annuity due.

annuity due

(b) Solve the problem. (Round your answer to the nearest cent.)

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