Martin wants to purchase a home in six years. He will contribute $650 each month to a savings account with 3.51% interest, compounded quarterly. What is the future value of this investment, when Maurice needs to make a down payment?

Question

anonymous · Answer

listen, that's chump change if you know martin's number tell him to give me a ring i can hook him up with some sweet real estate futures handled out of turks-caicos islands

anonymous · Answer

err, have you tried working out how much money is earned each quarter?

anonymous · Answer

each quarter, his nest egg increases by adding 650*4 (4 monthly payments) and it also multiplies by a factor of ( 1 + (0.0351)/4) (because quarterly)

anonymous · Answer

no i tried a different approach.

anonymous · Answer

can you help me with this one? ---- Patrick bought a 15-year treasury bond for a face amount of $500. The 3.5% interest will be compounded quarterly. What will the future value of Patrick's investment be when he goes to cash it in on the maturity date 15 years from now? thankx!!! :D

anonymous · Answer

$843.30