Jane Adele deposits $1,400 in an account at the beginning of each 3-month period for 12 years. If the account pays interest at the rate of 8%, compounded quarterly, how much will she have in her account after 12 years?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
Question

Jane Adele deposits $1,400 in an account at the beginning of each 3-month period for 12 years. If the account pays interest at the rate of 8%, compounded quarterly, how much will she have in her account after 12 years?

 

Answer is not 3602.2. I had asked this question before and I was given the wrong answer. 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 3 images

Blurred answer