Module $08$ Homework: Problem $21$

$(1$ point$)$

Future Value of an Annuity

Richard S Flores

McDonald's major distribution partner, The Martin$-$Brower Company, needs at least $$1$ million to build $$ new warehouse in Medicine Hat $2$ years from today. To date, it has invested $$470,000\mathrm{.}00.$ If it continues to invest $$51,000\mathrm{.}00$ at the end of every quarter into a fund earning $7\%$ quarterly, will it have enough money to build the warehouse $2$ years from now? How much money will it have?

The Martin$-$Brower Company's $$470,000\mathrm{.}00$ will have grown to and its $$51,000\mathrm{.}00$ deposits will have grown to $,$ for a total of Thus, it have enough money $2$ years from now.

Note: You can earn partial credit on this problem.