Determine the future value of an annuity due into which quarterly deposits of $450 are made for nine years if the annuity pays 10% compounded quarterly.

Answer 1

quarterly rate = .10/4 = .025
number of quarter years in 9 yrs = 36

Future value = 450((1.025^36 - 1)/.025
= $25785.64

Answer 2

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