Determine the Accumulated Value After 13

question 8

Essay

Determine the accumulated value after 13.5 years of deposits of $470.00 made at the beginning of every three months and earning interest at 7.2% compounded quarterly.

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Definitions:

Endowment Funds

Organizations chartered to invest money for usually tax-exempt institutions.

Charitable Organizations

Nonprofit entities that operate for the purpose of providing aid and support to societal, cultural, educational, or environmental causes.

Educational Institutions

Organizations dedicated to the instruction and training of students in various fields of study.

Fully-Funded Pension Plan

A pension plan that has enough assets to provide for all accrued benefits owed to participants.