Answer:
Final value= $28,772.33
Explanation:
Giving the following information:
$1800 per quarter for 7 years.
Number of years= 7
Annual interes= 12% compounded monthly
We need to use the following formula to calculate the final value:
FV= {A*[(1+i)^n-1]}/i
A= semestral deposit= 1,800
n= 7*2= 14
i= {1+(0.12/12)^2} - 1= 0.0201
FV= {1,800*[(1.0201^14)-1]}/0.0201= $28,772.33
