What is the value of an annuity due at the end of 15 years of quarterly deposits of $2,000.00 with terms of 8% compounded quarterly?
a. $228,102.00
b. $232,665.14
c. $232,666.08
d. $228,120.00
e. none of the above
The answer is "b"-$232,665.14. The formula to use for this is:
FV=P{[1 + R]^N - 1/ R}=FV OF $1 PER PERIOD, Where R=Interest rate per period, N=number of periods, PMT=periodic payment, FV=Future value
