If labor demand is downward sloping and labor supply is upward sloping, then when labor demand rises faster than labor supply, i
1 answer:
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Answer: $8,009.3
Explanation:
Given that,
Deposits(P) = $100 today (Annuity amount)
Additional deposits = $100 end of each quarter for the next 13 years
nominal annual rate = 6% compounded annually
= 0.015
No. of deposits (n) = 53
Payments are made at end of quarter. So future Value of annuity formula will become applicable.
Future value of annuity due =
=
= 100 × 80.09
= $8,009.3
Therefore, she will have $8009.38 for her trip.