Question: How did they get that answer? You enter into an automatic savings plan with RBC where $750 is deducted from your paycheck at the end

How did they get that answer? How did they get that answer? You enter into an automatic
savings plan with RBC where $750 is deducted from your paycheck at

You enter into an automatic savings plan with RBC where $750 is deducted from your paycheck at the end of each quarter starting on March 31, 2013 (first payment) to December 31, 2018 (last payment). If the account pays 8% (APR, monthly compounded), how much money is in the account on December 31, 2018 (right after the last contribution)? 8% 12 EMR : 0.666667% Effective Quarterly Rate EQR Fv750 (1 + 0.00666667)3-1 2.01 336% 0.0201 336 x [(1 + 0.0201336)24-11-$22,853.64

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