Reinette
Since the compounding is quarterly but the payments monthly, convert the interest from quarterly to monthly ...
Future Value = 1500[(1+0.12/4)^(12*10/3) - 1] / [(1 + 0.12/4)^(1/3) - 1]
= 342,676.44
hope that helped
Your virginity.
$1500 is being invested monthly. Interest rate is 12% pa, compounded quarterly. What is the value of the annuity in 10 year's time?
