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Chemistry Asked by a SnapAndSolve user · about 20 hours ago

At the end of each quarter, $4,000 is placed in an annuity that earns 6% interest, compounded quarterly....

5. At the end of each quarter, $4,000 is placed in an annuity that earns 6% interest, compounded quarterly. Find the future value of the annuity in 10 years.
Use the Future Value of Ordinary Annuity table below.

Answer

To find the future value of the annuity, use the table to find the factor for 6% interest compounded quarterly over 40 periods (10 years x 4 quarters per year). The factor is 54.8641. Multiply this factor by the quarterly payment of $4,000.

Future Value = $4,000 x 54.8641 = $219,456.40

The closest answer choice is not listed, but the calculation shows the future value is approximately $219,456.40.

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