Question

Rebecka borrowed $3500, 5000, 3500,& 4500 from her dad on September 1 of each of four successive years for college expenses. Rebecka and her dad agreed to a loan at the rate of 8.75% compounded quarterly. If it is now 2 years from the last day that she borrowed money, how much woruld Rebecka owe?
The correct answer is $22,352.25
but i got the wrong answer, and the formula for this question is
FV=PV(1+i/4)^4*n

Answer 1

FV=3500(1+.021875/4)^4*8 i=j/m
=4167.37 =8.75%/4
=0.021875
FV=5000(1+.021875/4)^4*8
=553.40 n= mt
=(4)(2)
FV=3500(1+.021875/4)^4*8 = 8
=4167.37

FV=4500(1+.021875/4)^4*8
=5358.05

then i sum all up and i get $19,646.19 and the answer should be $22,352.25

Answer 2

oh the answer is posted got mixed up!!! :-S

Answer 3

i=j/m
=8.75%/4
=0.021875

n= mt
=(4)(2)
= 8

FV=3500(1+.021875/4)^4*8
=4167.37

FV=5000(1+.021875/4)^4*8
=5953.40

FV=3500(1+.021875/4)^4*8
=4167.37

FV=4500(1+.021875/4)^4*8
=5358.05

then i sum all up and i get $19,646.19 and the answer should be $22,352.25
!!!