650(1+.07/4)^68-1
Answer= 83698.54?
James has set up an ordinary annuity to save for his retirement in 17 years. If his quarterly payments are $650 and the annuity has an annual interest rate of 7%, what will be the value of the annuity when he retires?
650(1+.07/4)^17-1
=.3430281149
.3430281149/(.07/4)
=19.60160656
650(19.60160656)
=12741.044
Would the answer be 112741.044?
Thanks!
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