Darcy's parents made a trust deposit of $3500.00 on October 31, 2002, to be withdrawn on Darcy's eighteenth birthday on July 31, 2016. To what will the deposit amount on that date at 13.48% compounded quarterly?

Question

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The Answer is PV = 3500.00; i = PV = 3500.00; i = = 0.0337 October 31, 2002 - July 31, 2016 contains 13 years, 9 months. n = 13 * 4 + 9/12 * 4 = 52 + 3 = 55 FV = 3500(1 + 0.0337)<sup>55</sup> = 3500(6.1901104) = 21 665.39

PV = 3500.00; i = = 0.0337 October 31, 2002 - July 31, 2016 contains 13 years, 9 months. n = 13 * 4 + 9/12 * 4 = 52 + 3 = 55 FV = 3500(1 + 0.0337)<sup>55</sup> = 3500(6.1901104) = 21 665.39

= 0.0337
October 31, 2002 - July 31, 2016 contains 13 years, 9 months.
n = 13 * 4 + 9/12 * 4 = 52 + 3 = 55
FV = 3500(1 + 0.0337)⁵⁵ = 3500(6.1901104) = 21 665.39

Darcy's Parents Made a Trust Deposit of $3500