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Anna Maria made quarterly deposits to her savings account each quarter over a 4-year period. The account pays 8% compounded quarterly and each deposit was for $250. Anna wishes to purchase some artwork for a birthday gi6 for her favorite aunt. How much does she have available to make her gi6 purchase?

Respuesta :

Answer:

The correct answer will be "$4659.83".

Explanation:

The given values are:

Deposit amount

= $250

Account pays

= 8%

Time period

= 4 years

As we know,

⇒  Future value = Deposit Amount × FVAV (r, n)

On putting the estimated values, we get

⇒                         = [tex]250\times FVAV[\frac{8 \ percent}{4}, (4\times 4)][/tex]

⇒                         = [tex]250\times FVAV (2 \ percent, 16)[/tex]

⇒                         = [tex]250\times 18.6393[/tex]

⇒                         = $[tex]4659.83[/tex]

Note : % = percent

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