Question

3. Lena Dimock is saving for her college expenses. She sets aside $200 at the beginning of each three months in an account paying 8% annual interest, compounded quarterly. How much will Lena have accumulated in the account at the end of four years?

Answer 1

$3727.86

Answer 2

how did you get this answer

Answer 3

http://ww2.justanswer.com/uploads/akch2002/2011-03-07_093340_interest.jpg

Answer 4

Hold on, I just solve that problem

Answer 5

And i just answered!

Answer 6

Here is the derivation of formula:
http://openstudy.com/users/imranmeah91#/users/imranmeah91/updates/4e2c32990b8b3d38d3ba31fc

Answer 7

Here is the formula
\[P\left(\frac{\left(1-(1+R)^N\right.}{-R}\right)\]

Answer 8

that I derived above

Answer 9

ok thanks

Answer 10

I got $11270

Answer 11

i got something different

Answer 12

what did you get?

Answer 13

15369

Answer 14

were you evalutating this :\[200\frac{1-\left(1+\frac{.08}{12}\right)^{48}}{\frac{-.08}{12}}\]

Answer 15

no did something completely different

Answer 16

I will check answer using excel

Answer 17

thank you for your help

Answer 18

let me know if you have any question, also if you click on the link above , I showed derivation to the equation I used