Question

You have savings of $100. You plan to save another $100 at the beginning of each year for 5 years. The account pays annual interest of 8 percent, compounded quarterly. The ending balance (principal plus interest) will be $ at the end of 5 years.

Answer 1

Answer:

6.000 or 5.997.6

Explanation:

if you are in need of the total amount without interest is: 6,000, now counting 8% interest annually, in 5 years it will be 40% interest, then 40% of 6,000 will be 5,997.6