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Mathematics 5 Online
OpenStudy (anonymous):

I'm struggling in this Business Math course. Can someone please help me with this annuity problem? Victor French made deposits of $4,700 at the end of each quarter to Book Bank, which pays 8% interest compounded quarterly. After 4 years,Victor made no more deposits. What will be the balance in the account 3 years after the last deposit?

OpenStudy (aum):

Use the formula for calculating future value of an ordinary annuity for the first 4 years. This balance will now be compounded quarterly over the next 3 years. Use the compound interest formula to calculate the balance after 3 years of compounding.

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