Question
Asked Dec 15, 2019
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Using the BA II Plus 

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The Humpty Dumpty Food Store will be setting aside 35,000 each quarter starting next quarter, for the next four years. How much money will the firm have in four years if it can earn 6.25 % on its savings? 

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Expert Answer

Step 1

Hi, since BA II plus calculator is unavailable now, I am solving the question using excel formula. Hope this will help.

Step 2

Future value of quarterly pa...

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Formula Amount 95 Particulars 96 Amount each quarter (PMT) 97 Number of years 98 Number of periods (NPER) 35000 4 16=B97*4 6.25% 1.5625%|=B99/4 99 Annual interest rate 100 Quarterly interest rate (RATE) 101 102 Future value (FV) $ 6,30,662.531785451 =FV(B100,B98,-B96)

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