Question

To attend​ school, Arianna deposits ​$170 at the end of every month for four and​ one-half...

To attend​ school, Arianna deposits ​$170 at the end of every month for four and​ one-half years. What is the accumulated value of the deposits if interest is 10​%compounded quarterly​?

the accumulated value is ?$

Math   Statistics-And-Probability   
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Answer #1

Amount deposited at the end of every month = $170

Total number of payments, n = 12* 4.5= 54

Interest rate,   = 0.1

Now we need

Thus,

  

   =

= 0.008265

Since the payments are made at the end of the month that means that it is a case of Annuity arreae

Accumulated Value , AV = 170 @   = 170 = 11511.71

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