marina invests $200 every quarter into an account that pays 1.5% annual interest rate compounded quarterly determine the amount in marinas account after 10 years.
Formula: A = P[ ( (1 + i)n - 1 ) / i ]
A = Final amount P = Amount deposited each period = $200.00
i = interest rate per period = 0.015/4 = 0.00375
n = number of periods = 4 x 10 = 40
A = 200[ ( (1 + 0.00375)40 - 1 ) / 0.00375 ]
A = <--- calculator time!
