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.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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