Find the future value of an ordinary annuity of $70 paid quarterly for 5 years, if the interest rate is 10%, compounded quarterly. (Round your answer to the nearest cent.)

Answer 1

quarterly rate = .10/4 = .025 = i
number of payments = 4(5) = 20 = n

amount = 70( 1.025^20 - 1)/.025
= ...

Answer 2

where did you get the 1.025 from