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(Engineering economics)
You make a quarterly deposit of $152 into a savings account for the next 29 years. How much can you withdraw immediately after your last deposit if your savings account pays 3% per quarter?
→ I tried to solve it, but it didn't work..
Let me show my work.
r = 3%, m = 4 (quarter), so i=r/m = 0.75% , n = 29years * 4 quarter per year = 116
Future value = 152(deposit) * [ {((1+0.0075)^116) -1 } / 0.0075 ] = $ 27951.27
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