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To calculate the total amount from contributions and interest, we'll break it down step by step.

1. **Contributions Calculation**:
   The payments are $240 per quarter for 15 years. To find the total contributions:
   - Payments per year = 4 (since it's quarterly).
   - Total number of payments over 15 years = $ 15 \times 4 = 60 $.
   - Total contributions = $ 240 \times 60 = 14,400 $.

2. **Interest Calculation**:
   The future value of the annuity is given as $23,039.02, and the total contributions are $14,400. The difference between the future value and contributions represents the interest earned.
   - Interest = $ 23,039.02 - 14,400 = 8,639.02 $.

Thus:
- The amount from contributions is **$14,400**.
- The amount from interest is **$8,639.02**.

Would you like further details or have any questions?

Here are 5 related questions for further exploration:
1. How would the future value change if the interest rate increased to 6%?
2. What is the effect of monthly compounding instead of quarterly?
3. How does the future value change with a different annuity payment, say $300 per quarter?
4. What is the present value of the same annuity if evaluated today?
5. How would inflation affect the real value of the future amount?

**Tip**: To increase your total future value, either increasing the contribution or the interest rate (or both) will significantly impact the final outcome due to compounding effects.

Find the future value of each annuity due. Then determine how much of this value is from contributions and how much is from interest. Payments of $240 made at the beginning of each quarter for 15 years at 5.8% compounded quarterly.

Calculate the future value of an annuity due with quarterly payments of $240, compounded at 5.8% quarterly for 15 years. Understand how much of the total value comes from contributions and how much from interest. Suitable for students in Grades 11-12.

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