Suppose you plan to make 30 quarterly deposits of $200 into a savings account. The first deposit will be made immediately. The savings account pays interest at an annual rate of 8%, compounded quarterly. How much will you have accumulated in the savings account at the end of the seven and a half-year period? (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

Note: Use tables, Excel, or a financial calculator.

Multiple Choice

• $8,114

• $6,000

• $24,469

• $8,276