Julio invests $500 each quarter in a fixed-interest mutual fund paying annual interest of 5% compounded quarterly. How much will her account have in it at the end of 15 years?

Question

anonymous · Answer

$$500(1+\frac{.05}{4})^{15\times 4}$$

anonymous · Answer

then a calculator for sure

anonymous · Answer

i was using that one but i dont get it

anonymous · Answer

don't get it as in don't get the right answer or don't get it as in don't get where the equation comes from?

anonymous · Answer

Answers: 
$31,347.99
		
$41,348.01
		

$44,287.25
		
$51,055.59

anonymous · Answer

this is what i get http://www.wolframalpha.com/input/?i=500%281%2B.05%2F4%29^%2860%29

anonymous · Answer

oh i should learn how to read. it says invests 500 EACH QUARTER

anonymous · Answer

yeah that's my answer on my ti too

anonymous · Answer

scratch what i wrote

anonymous · Answer

$$A=P*((1+i)^n-1)/i$$

anonymous · Answer

sorry i mis interpreted the problem 
he invests 500 per quarter so again you have so sum a geometric series
500
$500+500(.1025)$
$500+500(.1025)+500(1.025)^2$ etc

anonymous · Answer

so i guess it is 
$$500(1+1.0125+(1.0125)^2+...$$
is that rigth?

anonymous · Answer

$$\frac{1.0125^{59}-1}{1.0125-1}$$
$$\frac{1.0125^{59}-1}{.0125}$$

anonymous · Answer

oh yeah, it is what you wrote, i just rederived it. ok lets computer 
$$500\frac{1.0125^{60}-1}{0.0125}$$

anonymous · Answer

http://www.wolframalpha.com/input/?i=500%28%281.0125^60-1%29%2F.0125%29

anonymous · Answer

looks like we got a winner.  44287.

anonymous · Answer

sorry i didn't read correctly at the beginning 
always helps to read

anonymous · Answer

yeah correct bro i appreciate it thank u

anonymous · Answer

yw