Kristin opens a savings account with $3500. She deposits $2400 every year into the account that has a 0.65% interest rate, compounded quarterly. If she doesn't withdraw any money, what will the account balance be in 10 years?

Question

anonymous · Answer

is this annuity problem?

anonymous · Answer

yup future value of annuity

anonymous · Answer

im pretty sure it using ordinary annuity but whatever i do is not coming out with the an answer my question has :-/

anonymous · Answer

ooh, it's been a long time since this was discuss to us,.  would you mind giving me the formula? :-)

anonymous · Answer

attachment

anonymous · Answer

is there any given choices for the answer?

anonymous · Answer

yup:


		$28,551.51
		$28,511.25
		$24,816.65
		$24,776.39

anonymous · Answer

ooh i'm stuck, i didn't notice that there is an additional 2400 deposited every year. .

nah, sorry i can't help you,.  this is not an ordinary annuity. . i think this is a combination of future and sum of future value of annuity. .  lol

anonymous · Answer

ohhh okay haha well thanks for trying :)

anonymous · Answer

i know this is super old but did you ever get the answer to this?