To save some money, Warren makes 6 quarterly deposits starting at $135 and increasing at a constant rate of 4.5%. The interest rate is 8.4% compounded quarterly. What is the size of the last deposit?
Added by Olivia J.
Step 1
5% or 0.045 n = 6 FV = 135 * ((1 + 0.045)^6 - 1) / 0.045 FV ≈ $851.92 Show more…
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