Question
𝑅𝑀 600 is deposited every three months for two years and nine months at
8 % compounded quarterly.
i. Find the future value of this annuity at the end of investment period.
ii. Calculate the interest earned
8 % compounded quarterly.
i. Find the future value of this annuity at the end of investment period.
ii. Calculate the interest earned
Answers
oobleck
Don't you have a formula for annuity future value? Just plug in your numbers.
The only wrinkle is that you need to divide the interest rate by 4, and multiply the periods by 4.
The only wrinkle is that you need to divide the interest rate by 4, and multiply the periods by 4.