Question

$3,500 is deposited at the end of each quarter in an account that earns 6% compounded...

$3,500 is deposited at the end of each quarter in an account that earns 6% compounded quarterly until $100,000 has accumulated in the account.

This scenario describes the  ---Select--- Future Value of an Annuity Due Future Value of an Ordinary Annuity . From the formula in the textbook, all values are known, except for  ? R S i n .

After how many quarters will the account contain $100,000? (Round your answer UP to the nearest quarter.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
If $3500 is deposited at the end of each quarter in an account that earns 4%...
If $3500 is deposited at the end of each quarter in an account that earns 4% compounded quarterly, after how many quarters will the account contain $80,000? (Round your answer UP to the nearest quarter.)
If $8000 is deposited at the end of each half year in an account that earns...
If $8000 is deposited at the end of each half year in an account that earns 6.7% compounded semiannually, how long will it be before the account contains $130,000? (Round your answer to one decimal place.) Find the future value of an annuity due of $900 each quarter for 8 1/2 years at 11%, compounded quarterly .
If $7000 is deposited at the end of each half year in an account that earns...
If $7000 is deposited at the end of each half year in an account that earns 6.1% compounded semiannually, after how many half years will the account contain $120,000? (Round your answer UP to the nearest half year.)
If $9000 is deposited at the end of each half year in an account that earns...
If $9000 is deposited at the end of each half year in an account that earns 6.1% compounded semiannually, after how many half years will the account contain $130,000? (Round your answer UP to the nearest half year.) half years=
If $4000 is deposited at the end of each half year in an account that earns...
If $4000 is deposited at the end of each half year in an account that earns 6.1% compounded semiannually, how long will it be before the account contains $100,000? (Round your answer to one decimal place.)
A small business owner contributes $2000 at the end of each quarter to a retirement account...
A small business owner contributes $2000 at the end of each quarter to a retirement account that earns 4% compounded quarterly. (a) How long will it be until the account is worth $150,000? (Round your answer UP to the nearest quarter.) (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $8000 at the end of each quarter. What will the total value of the account be after 15 more years? (Round your answer to the...
$300 is deposited in an account which earns 4% compounded quarterly for 6.75 years. (a) State...
$300 is deposited in an account which earns 4% compounded quarterly for 6.75 years. (a) State the value of the account at the end of the 6.75 years. $   (b) State the total amount of interest earned on the account during the 6.75 years. $
A small business owner contributes $1000 at the end of each quarter to a retirement account...
A small business owner contributes $1000 at the end of each quarter to a retirement account that earns 8% compounded quarterly. (a) How long will it be until the account is worth $150,000? (Round your answer UP to the nearest quarter.) I'm coming up with 70.0055 but the answer is incorrect.   (b) Suppose when the account reaches $150,000, the business owner increases the contributions to $5000 at the end of each quarter. What will the total value of the account...
$600 is deposited at the beginning of each month in an account that earns 4.8% interest,...
$600 is deposited at the beginning of each month in an account that earns 4.8% interest, compounded monthly. How long will it take until the value of the account is $150,000?
Use the​ future-value formula o to calculate the annual amount that needs to be deposited over...
Use the​ future-value formula o to calculate the annual amount that needs to be deposited over a​ 20-year period so that an ordinary annuity accrues​ $100,000 if it earns​ 7.5%, compounded​ annually? A. $2,209.22 B. ​$2,309.22 C. ​$2,359.22 D. ​$2,300.22