If you save $270 per quarter for retirement in an account that earns 8% interest per year compounded quarterly how much will you have after 38 years?

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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If you save $270 per quarter for retirement in an account that earns 8% interest per year compounded quarterly how much will you have after 38 years?
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In the first step of substituting the numbers into the formula, where is the 40 coming from in A= (1+0.08/40)4X38-1 / (0.08/4)

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