The Jenkins family wants to save money to travel the world. They purchase an annuity with a quarterly payment of $188 that earns 4% interest, compounded quarterly. Payments will be made at the end of each quarter. Find the total value of the annuity in 11 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.

The Jenkins family wants to save money to travel the world. They purchase an annuity with a quarterly payment of $188 that earns 4% interest, compounded quarterly. Payments will be made at the end of each quarter. Find the total value of the annuity in 11 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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