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What Matt Johnson delivers newspapers and is putting away $35 at the end of each quarter...

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Finance

What Matt Johnson delivers newspapers and is putting away $35 atthe end of each quarter from his paper route collections. Matt is10 years old and will use the money when he goes to college in 8years. What will be the value of Matt's account in 8 years with hisquarterly payments if he is earning 6.5% (APR), 9.5% (APR) or 13%(APR)?

What will be the value of Matt's account in 8 years with hisquarterly payments if he is earning 6.5% (APR)? $

9.5% (APR)? $

13% (APR)? $

Answer & Explanation Solved by verified expert
4.1 Ratings (581 Votes)
aInformation provided Quarterly saving 35 Time 8 years4 32 quarters Interest rate 6504 16250 per quarter The value in the account in 8 years is calculated by computing the future value Enter the below in a financial calculator to compute the future value PMT    See Answer
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Transcribed Image Text

What Matt Johnson delivers newspapers and is putting away $35 atthe end of each quarter from his paper route collections. Matt is10 years old and will use the money when he goes to college in 8years. What will be the value of Matt's account in 8 years with hisquarterly payments if he is earning 6.5% (APR), 9.5% (APR) or 13%(APR)?What will be the value of Matt's account in 8 years with hisquarterly payments if he is earning 6.5% (APR)? $9.5% (APR)? $13% (APR)? $

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