Question

please help
Jill starts to save at age 25 for a vacation home that she wants to buy for her 50th birthday. She will contribute $2500 each year to an account, which earns 1.3% annual interest, compounded quarterly. What is the future value of this investment, rounded to the nearest dollar, when Jill is ready to purchase the vacation home?

$73,712

$73,951

$294,847

$295,806

Answer 1

@melissa_ @NaCl @mathmate @ivettef365

Answer 2

A OR B let5 me check

Answer 3

Use
Accumulated amount = \( A\frac{R^n-1}{R-1} \)
where
A= amount contmibuted per period (of 3 months) = $2500/4
R=intereest per period of three months (0.013/4)
n=number of periods (25 years * 4 quarters per year)