Answer to Question #171428 in Financial Math for King

Question #171428

future value of ordinary Annuity

metrobank is paying 8% interest compounded quarterly. Find the future value 10,000 deposited at the end of every three months for 6 years

Expert's answer

FV=\dfrac{(1+i)^n-1}{i}\cdot R

Given

$R=10000$

$r=\dfrac{0.08}{4}=0.02$

$n=4\cdot6=24$

FV=\dfrac{(1+0.02)^{24}-1}{0.02}\cdot 10000=304218.62

FV=304218.62

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