A series of equal quarterly deposits of $8,000 extends over a period of threeyears. It is desired to compute the future worth of this quarterly deposit seriesat 8% compounded monthly. Which of the equations shown is correct for thisoperation?(a) F= $8,000 (FIA, 8%, 3).(b) F= $8,000 (FIA, 2.01%,12).(c) F= $8,000 (FIA, 1%,12).(d) F= $8,000 (FIA, 3.03%, 12).
A series of equal quarterly deposits of $8,000 extends over a period of threeyears. It is desired to compute the future worth of this quarterly deposit seriesat 8% compounded monthly. Which of the equations shown is correct for thisoperation?(a) F= $8,000 (FIA, 8%, 3).(b) F= $8,000 (FIA, 2.01%,12).(c) F= $8,000 (FIA, 1%,12).(d) F= $8,000 (FIA, 3.03%, 12).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A series of equal quarterly deposits of $8,000 extends over a period of three
years. It is desired to compute the future worth of this quarterly deposit series
at 8% compounded monthly. Which of the equations shown is correct for this
operation?
(a) F= $8,000 (FIA, 8%, 3).
(b) F= $8,000 (FIA, 2.01%,12).
(c) F= $8,000 (FIA, 1%,12).
(d) F= $8,000 (FIA, 3.03%, 12).
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