$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?

Name: Solved: $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? - MathMaster
Brand: MathMaster
Rating: 4.9 (201 reviews)

201

likes

1007 views

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?

$Expert avatar$

Esmeralda

4.7

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

Frequently asked questions (FAQs)

What is the value of cube root of x when x = -27?

Find the limit of (2x^3 - 5x^2 + 3x - 7) / (4x^2 + 2x - 3) as x approaches 2.

Question: Using the SOH CAH TOA rule, find the value of sinθ given that the adjacent side measures 9 units and the hypotenuse measures 15 units. (SOH CAH TOA)

New questions in Mathematics

A pump with average discharge of 30L/second irrigate 100m wide and 100m length field area crop for 12 hours. What is an average depth of irrigation in mm unIt?

A person who weighs 200 pounds on earth would weigh about 32 pounds on the moon. Find the weight of a person on earth who would weigh 15 pounds on the moon.

A hotel in the Algarve had to offer 1 week of vacation to one of its employees as an Easter gift in a random choice. It is known that 80 people work in this hotel, 41 of whom are Portuguese and 39 are foreign nationals. There are 14 Portuguese men and 23 foreign women. Using what you know about conditional probability, check the probability that the gift was offered to a Portuguese citizen, knowing that it was a woman.

A client did not advance L 10,000 for the rental of a parking area and it corresponds to 4 months, of which 2 months were consumed

132133333-33

What will be the density of a fluid whose volume is 130 cubic meters contains 16 technical units of mass? If required Consider g=10 m/s2

If the midpoint of point A on the x=3 line and point B on the y=-2 line is C(-2,0), what is the sum of the ordinate of point A and the abscissa of point B?

41/39 - 1/38

The equation of the straight line that passes through the coordinate point (2,5) and is parallel to the straight line with equation x 2y 9 = 0 is

The price per night of a suite at the Baglioni Hotel in Venice is 1896 euros, VAT included. The VAT in Italy is 25%. The hotel gets a return of 10% out of the price VAT included. b) What is the profit value made by the hotel for one

The Humane Society has asked for our help again this week. Currently they are charging $50 for an adoption fee. Unfortunately they just pulled this number out of the air and do not know why they are charging this amount. They would like to charge an amount that covers all the adoption costs – both the variable costs for adoptions as well as the fixed cost for the kennel portion of the Humane Shelter operations. We can help them by doing a breakeven analysis. During a client meeting we gathered these facts. There are 2 part-time employees that each earn $1000 per month. The utilities for the kennel area (water, electricity) are $200 per month. The average food cost for animals in the kennel is $800 per month. In addition, each animal that is adopted receives a rabies vaccination that costs $4 and is micro-chipped that costs $6. At the current cost of $50, how many animals must be adopted to break-even? What would break-even be at a $60 adoption fee? What would break-even be if the fee were lowered to $40? The newspaper has suggested that the Humane Society advertise to increase pet adoptions. The package that they have recommended costs $1000 for a very small ad run every day for a month. If the Humane Society does this extra advertising, how will it affect breakeven? Based on what you have learned about elasticity, what price do you recommend for the adoption fee?