Find the future value of an ordinary annuity if payments are

Find the future value of an ordinary annuity if payments are made in the amount R and interest is compounded as given. Then determine how much of this value is from contributions and how much is from interest. R=15,000; 4.5% interest compounded quarterly for 15 years. The future value of the ordinary annuity is $

Solution

here r=15000,interest=4.5%,time=15,n = quarterly=4

we know that a=p(1+r/n100)^nt

future value=15000(1+4.5/400)^15(4)

=15000(1+0.01125)^60

=15000(1.01125)^60

=15000(1.957)

=29355

the future value of the ordinary annuity is 29355$