$3,600 is deposited at the beginning of each two-month period for 3 years in an account that provides 3.25% compounded quarterly. How much will be saved at the end of the 3 years?

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Answer to a math question $3,600 is deposited at the beginning of each two-month period for 3 years in an account that provides 3.25% compounded quarterly. How much will be saved at the end of the 3 years?

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Esmeralda

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102 Answers

\text{Quarterly interest rate} = \frac{3.25\%}{4} = 0.8125\% = 0.008125

\text{Total number of periods} = 6 \times 3 = 18

P = 3600

r = 0.008125

n = 18

FV = 3600 \times \left( \frac{(1 + 0.008125)^{18} - 1}{0.008125} \right) \times (1 + 0.008125)

FV \approx 70,039.71

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