If you deposit $326 per quarter into an account which pays interest at a rate of...
If you deposit $326 per quarter into an account which pays interest at a rate of 11% per year compounded quarterly, the amount of money you would have at the end of 23 years is equal to
Homework Answers
Answer:
Number of Periods/years = 23
Nominal Rate of Interest = 11% = 0.11
Regular Withdrawal = 1,304
Benefit paid Annually
= 326 * 4 = 1304
r = [1 + 0.11/4]^4 – 1 = 0.11462
FV = 1304 * [(1 + 0.11462)^23 – 1]/ 0.11
= 131,959.7408
Thus the amount of money you would have at the end of 23 years is equal to $131,959.7408
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