What is the accumulated value after five years of payments of $20000 made at the beginning of each year if interest is 7% compounded quarterly?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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What is the accumulated value after five years of payments of $20000 made at the beginning of each year if interest is 7% compounded quarterly?

Please, note that I think this is a question of Annuities, and I believe time would be 20 (5 years compounded quarterly -> 4x a year)

Isn't this a General Annuity Due question, where payments are made at the beginning of the payment intervals, and the payment and compounding frequencies are unequal.

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How is the accumulated value 12,373.78 if yearly payments of 20,000 are made?

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