Leslie McCormack is in the spring quarter of her freshman year of college. She and her friends already are planning a trip to Europe after graduation in a little over three years. Mary would like to contribute to a savings account over the next three years in order to accumulate enough money to take the trip. Assuming an interest rate of 4%, compounded quarterly, how much will she accumulate in three years by depositing $500 at the end of each of the next 12 quarters, beginning three months from now?

  • CreatedJune 24, 2013
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