Find the amount accomulated FV in the given annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $2,900 is deposited quarterly for 10 years at 2% per year
Unitary Method
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Find the amount accomulated FV in the given annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.)
$2,900 is deposited quarterly for 10 years at 2% per year
FV = $
The formula for final accumulated amount is given by where PMT is the periodic payment, r is the rate, t is the time period and n is the number of periods per year.
It is given that the amount deposited is PMT=$2,900.
The amount is deposited quarterly. So, n=4.
The given time period is t=10 and the rate is r=2%=0.02.
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