Homework Answers
a). FV of Annuity = Annuity * [{(1 + r)n - 1} / r]
= $600 * [{(1 + 0.056/4)(15*4) - 1} / (0.056/4)]
= $600 * [1.3029 / 0.014]
= $600 * 93.0651 = $55,839.08
b). Total Deposited Amount = Quarterly Dividend * No. of payments = $600 * (15*4) = $36,000
c). Total Interest Earned = FV of Annuity - Total Deposited Amount
= $55,839.08 - $36,000 = $19,839.08
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