Future value

Suppose you invested $1000 per quarter over a 15 years period. If money earns an anual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earn?

Correct answer:

f =  100336.68 USD
i =  40336.68 USD

Step-by-step explanation:

r=4 a=1000 p=6.5%=6.5100=0.065 n=15 r=15 4=60  q=p/r=0.065/4=138000.0163 k=1+q=1+0.0163=8138001.0163 f1=a=1000 f2=[k f1+a]=[1.0163 1000+1000]=80654=2016.25 f3=[k f2+a]=[1.0163 2016.25+1000]=3049.01 f4=[k f3+a]=[1.0163 3049.01+1000]=4098.56 f5=[k f4+a]=[1.0163 4098.56+1000]=5165.16 f6=[k f5+a]=[1.0163 5165.16+1000]=6249.09 f7=[k f6+a]=[1.0163 6249.09+1000]=7350.64 f8=[k f7+a]=[1.0163 7350.64+1000]=8470.09 f9=[k f8+a]=[1.0163 8470.09+1000]=9607.73 f10=[k f9+a]=[1.0163 9607.73+1000]=10763.86 f11=[k f10+a]=[1.0163 10763.86+1000]=11938.77 f12=[k f11+a]=[1.0163 11938.77+1000]=13132.78 f13=[k f12+a]=[1.0163 13132.78+1000]=14346.19 f14=[k f13+a]=[1.0163 14346.19+1000]=15579.32 f15=[k f14+a]=[1.0163 15579.32+1000]=16832.48 f16=[k f15+a]=[1.0163 16832.48+1000]=18106.01 f17=[k f16+a]=[1.0163 18106.01+1000]=19400.23 f18=[k f17+a]=[1.0163 19400.23+1000]=20715.48 f19=[k f18+a]=[1.0163 20715.48+1000]=22052.11 f20=[k f19+a]=[1.0163 22052.11+1000]=23410.46 f21=[k f20+a]=[1.0163 23410.46+1000]=24790.88 f22=[k f21+a]=[1.0163 24790.88+1000]=26193.73 f23=[k f22+a]=[1.0163 26193.73+1000]=27619.38 f24=[k f23+a]=[1.0163 27619.38+1000]=29068.19 f25=[k f24+a]=[1.0163 29068.19+1000]=30540.55 f26=[k f25+a]=[1.0163 30540.55+1000]=32036.83 f27=[k f26+a]=[1.0163 32036.83+1000]=33557.43 f28=[k f27+a]=[1.0163 33557.43+1000]=35102.74 f29=[k f28+a]=[1.0163 35102.74+1000]=36673.16 f30=[k f29+a]=[1.0163 36673.16+1000]=38269.1 f31=[k f30+a]=[1.0163 38269.1+1000]=39890.97 f32=[k f31+a]=[1.0163 39890.97+1000]=2076965=41539.2 f33=[k f32+a]=[1.0163 41539.2+1000]=43214.21 f34=[k f33+a]=[1.0163 43214.21+1000]=44916.44 f35=[k f34+a]=[1.0163 44916.44+1000]=46646.33 f36=[k f35+a]=[1.0163 46646.33+1000]=48404.33 f37=[k f36+a]=[1.0163 48404.33+1000]=50190.9 f38=[k f37+a]=[1.0163 50190.9+1000]=1040132=52006.5 f39=[k f38+a]=[1.0163 52006.5+1000]=53851.61 f40=[k f39+a]=[1.0163 53851.61+1000]=55726.7 f41=[k f40+a]=[1.0163 55726.7+1000]=57632.26 f42=[k f41+a]=[1.0163 57632.26+1000]=59568.78 f43=[k f42+a]=[1.0163 59568.78+1000]=61536.77 f44=[k f43+a]=[1.0163 61536.77+1000]=63536.74 f45=[k f44+a]=[1.0163 63536.74+1000]=65569.21 f46=[k f45+a]=[1.0163 65569.21+1000]=67634.71 f47=[k f46+a]=[1.0163 67634.71+1000]=69733.77 f48=[k f47+a]=[1.0163 69733.77+1000]=71866.94 f49=[k f48+a]=[1.0163 71866.94+1000]=74034.78 f50=[k f49+a]=[1.0163 74034.78+1000]=76237.85 f51=[k f50+a]=[1.0163 76237.85+1000]=78476.72 f52=[k f51+a]=[1.0163 78476.72+1000]=80751.97 f53=[k f52+a]=[1.0163 80751.97+1000]=83064.19 f54=[k f53+a]=[1.0163 83064.19+1000]=85413.98 f55=[k f54+a]=[1.0163 85413.98+1000]=87801.96 f56=[k f55+a]=[1.0163 87801.96+1000]=90228.74 f57=[k f56+a]=[1.0163 90228.74+1000]=92694.96 f58=[k f57+a]=[1.0163 92694.96+1000]=3808054=95201.25 f59=[k f58+a]=[1.0163 95201.25+1000]=97748.27 f60=[k f59+a]=[1.0163 97748.27+1000]=100336.68 f=f60=100336.68 USD=1.0105 USD
i=fn a=100336.6860 1000=40336.68 USD=4.0104 USD

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