Gina has planned to start college education in four years from now.To pay for her college education,she has decided to save $1,000 a quarter for the next four years in a bank account paying 12 percent interest (compounded quarterly).How much will she have at the end of fourth year? (Round to the nearest whole dollar)

Question

Quizplus · Accepted Answer

FV = PMT × 11ea7fdb_fc14_5e7f_a768_e35dcbb85e4d_TB2902_11 FV = 1,000 × 11ea7fdb_fc14_8590_a768_799992a8bd3e_TB2902_11 = $20,156.88
Using a financial calculator:
N = 16, I/Y = 3, PV = 0, PMT = -1,000, cpt FV = $20,156.88

Gina Has Planned to Start College Education in Four Years