44. Clayton Camp deposits $500.00 in an ordinary annuity at the end of each quarter. The account earns 6 percent interest compounded quarterly. What is the future value of the account in 2 years? Use the table below to answer this question.
44. Clayton Camp deposits $500.00 in an ordinary annuity at the end of each quarter. The account earns 6 percent interest compounded quarterly. What is the future value of the account in 2 years? Use the table below to answer this question.
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
Related questions
Question
![44. Clayton Camp deposits $500.00 in an ordinary annuity at the end of each quarter. The account earns 6 percent interest
compounded quarterly. What is the future value of the account in 2 years? Use the table below to answer this question.
Future Value of an Ordinary Annuity for $1.00 per Period
Rate Per Period
100.
$1.00000
$2.01000
$3.03010
$4.06040
$5 10101
$6.15202
$7.21354
$8.28567
$9.36853
$10.46221
$11.56683
$12.68250
Quarterly
Period "n
0.50
$1.00000
$2.00500
$3.01502
$4.03010
$5.05025
$6.07550
$7.10588
$8.14141
$9.18212
$10.22803
$11.27917
$12.33556
150
$1.00000
$2.01500
$3.04522
$4.09090
$5.15227
$6.22955
$7 32299
$843284
$9.55933
$10 70272
$11.86326
$13.04121
200
$1.00000
$2.02000
$3.06040
$4.12161
$5.20404
$6.30812
$743428
$8.58297
$9 75463
$10.94972
$12.16872
$13.41209
3
17
10
11
12](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa46b7b0b-a141-4549-8835-af317f504aa4%2F94dc601a-0d05-4fc5-b770-9c199fed69c4%2Fhxet48m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:44. Clayton Camp deposits $500.00 in an ordinary annuity at the end of each quarter. The account earns 6 percent interest
compounded quarterly. What is the future value of the account in 2 years? Use the table below to answer this question.
Future Value of an Ordinary Annuity for $1.00 per Period
Rate Per Period
100.
$1.00000
$2.01000
$3.03010
$4.06040
$5 10101
$6.15202
$7.21354
$8.28567
$9.36853
$10.46221
$11.56683
$12.68250
Quarterly
Period "n
0.50
$1.00000
$2.00500
$3.01502
$4.03010
$5.05025
$6.07550
$7.10588
$8.14141
$9.18212
$10.22803
$11.27917
$12.33556
150
$1.00000
$2.01500
$3.04522
$4.09090
$5.15227
$6.22955
$7 32299
$843284
$9.55933
$10 70272
$11.86326
$13.04121
200
$1.00000
$2.02000
$3.06040
$4.12161
$5.20404
$6.30812
$743428
$8.58297
$9 75463
$10.94972
$12.16872
$13.41209
3
17
10
11
12
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Algebra and Trigonometry (6th Edition)](https://www.bartleby.com/isbn_cover_images/9780134463216/9780134463216_smallCoverImage.gif)
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
![Contemporary Abstract Algebra](https://www.bartleby.com/isbn_cover_images/9781305657960/9781305657960_smallCoverImage.gif)
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
![Linear Algebra: A Modern Introduction](https://www.bartleby.com/isbn_cover_images/9781285463247/9781285463247_smallCoverImage.gif)
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
![Algebra and Trigonometry (6th Edition)](https://www.bartleby.com/isbn_cover_images/9780134463216/9780134463216_smallCoverImage.gif)
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
![Contemporary Abstract Algebra](https://www.bartleby.com/isbn_cover_images/9781305657960/9781305657960_smallCoverImage.gif)
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
![Linear Algebra: A Modern Introduction](https://www.bartleby.com/isbn_cover_images/9781285463247/9781285463247_smallCoverImage.gif)
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
![Algebra And Trigonometry (11th Edition)](https://www.bartleby.com/isbn_cover_images/9780135163078/9780135163078_smallCoverImage.gif)
Algebra And Trigonometry (11th Edition)
Algebra
ISBN:
9780135163078
Author:
Michael Sullivan
Publisher:
PEARSON
![Introduction to Linear Algebra, Fifth Edition](https://www.bartleby.com/isbn_cover_images/9780980232776/9780980232776_smallCoverImage.gif)
Introduction to Linear Algebra, Fifth Edition
Algebra
ISBN:
9780980232776
Author:
Gilbert Strang
Publisher:
Wellesley-Cambridge Press
![College Algebra (Collegiate Math)](https://www.bartleby.com/isbn_cover_images/9780077836344/9780077836344_smallCoverImage.gif)
College Algebra (Collegiate Math)
Algebra
ISBN:
9780077836344
Author:
Julie Miller, Donna Gerken
Publisher:
McGraw-Hill Education