Jim wants to save money to open a tutoring center. He buys an annuity with a quarterly payment of 56$ that pays 3.7 interest, compounded quarterly. Payments will be made at the end of each quarter. Find the total value of the annuity in 9 years.

Respuesta :

Answer:

$78.01

Step-by-step explanation:

solve the equation 56(1+.037÷4)^4×9

ends up being 56(1.00925)^36

56(1.3930133899)

=78.0087