Math Problem Statement
Find the amount accumulated FV in the given annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.)
$2,800 is deposited quarterly for 20 years at 3% per year
Solution
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Math Problem Analysis
Mathematical Concepts
Annuity
Future Value
Compound Interest
Formulas
FV = P * ((1 + r)^n - 1) / r
Theorems
Ordinary Annuity Formula
Suitable Grade Level
Grades 11-12
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