Answer:
2273.5
Step-by-step explanation:
Formula:
A = P * (1 + r/n) ^ (nt)
A final amount =
P = principal amount
R = rate
N = number of units of time
T = time
Find the amount and the present value of an annuity of 1,500 pesos every 3 months for 5 years if money is worth 8% compounded quarterly.
A = ?
P = 1, 500
R = 8% = 0.08
N = 4 (quarterly)
T = 3 months and 5 years = 5.25
years
A = 1500 * (1 + 0.08/4) ^ ((4)(5.25))
= 1500(1+0.02)21
= 1500(1.02)21
= 1500(1.5156663439)
= 2273.49951585
= 2273.5 (estimated)
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