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What is the step by step process for these problems and why are both the answers $8,276? Suppose you plan to make 30 quarterly deposits
What is the step by step process for these problems and why are both the answers $8,276?
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 $8,276 $24,469 $6,000 $8,114 Suppose you plan to make 30 quarterly deposits of $200 into a savings account at the end of each quarter. 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? Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1,PVA of $1, FVAD of $1 and PVAD of $1) Multiple Choice $8,114 $24,469 $8,276 $6,000 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 $8,276 $24,469 $6,000 $8,114 Suppose you plan to make 30 quarterly deposits of $200 into a savings account at the end of each quarter. 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? Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1,PVA of $1, FVAD of $1 and PVAD of $1) Multiple Choice $8,114 $24,469 $8,276 $6,000
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