Present and future value tables of $1 at 3% are presented below:

-At the end of each quarter, Patti deposits $500 into an account that pays 12% interest compounded quarterly. How much will Patti have in the account in three years?
A) $7,096.
B) $7,213.
C) $7,129.
D) $8,880.

Question

Present and future value tables of $1 at 3% are presented below:

-At the end of each quarter, Patti deposits $500 into an account that pays 12% interest compounded quarterly. How much will Patti have in the account in three years?
A) $7,096. 
B) $7,213. 
C) $7,129. 
D) $8,880.

Quizplus · Accepted Answer

FVA = $500 × 14.1920* = $7,096
*FVA of $1: n = 12; i = 3%

Present and Future Value Tables of $1 at 3% Are