find the amount and the present value of an annuity of 1,500 pesos every 3 months for 5 years if money is worth 8% compounded quarterly
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find the amount and the present value of an annuity of 1,500 pesos every 3 months for 5 years if money is worth 8% compounded quarterly
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Verified answer
Answer:
2273.5
Step-by-step explanation:
Formula:
A = final amount
P = principal amount
R = rate
N = number of units of time
T = time
Find the amount and the present value of an annuity of 1,500 pesos every 3 months for 5 years if money is worth 8% compounded quarterly.
A = ?
P = 1,500
R = 8% = 0.08
N = 4 (quarterly)
T = 3 months and 5 years = 5.25 years
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