Question #89685
Monique deposited $1,800 at the beginning of each quarter for 6 years into an IRA. Given an interest rate of 6% compounded quarterly, find the future value.
1
Expert's answer
2019-05-16T09:10:40-0400
FV=1800×((1+0.06/4)24−1)0.06/4=51,540.34.FV = \frac{1800×((1 + 0.06/4)^{24}-1) }{0.06/4} = 51,540.34.

We use the formula for the future value of the annuity.


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