Mathematics, 02.12.2019 09:31 kaseywright3418
$750 are deposited into an account quarterly for six years at an interest rate of 6.8% compounded quarterly. how much is in the account at the end of the 6 years?
i need the equation i would use for this problem.
Answers: 1
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity} \\\\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right] \\\\\\ \qquad \begin{cases} A= \begin{array}{llll} \textit{compounded amount}\\ \end{array}\to & \begin{array}{llll} \end{array}\\ pymnt=\textit{periodic payments}\to &750\\ r=rate\to 6.8\%\to \frac{6.8}{100}\to &0.068\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, meaning 4} \end{array}\to &4\\ t=years\to &6 \end{cases}](/tpl/images/0399/1712/ba95b.png)
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