Investment/Annuity Question?

Lily deposited $100 every quarter for 5 years into an annuity. The money remained in the annuity for another 10 years. The annuity paid 5% compounded every month. How much money was in the annuity in the end?

I got $3718.04. Can you confirm that this is correct? thanks!

Re: Investment/Annuity Question?

I get $3749.09. I asumed the deposits are made Jan 1, Apr 1, July 1, and Oct 1 each of the first 5 years.

Re: Investment/Annuity Question?

Quote:

Originally Posted by

**eleventhhour** Lily deposited $100 every quarter for 5 years into an annuity. The money remained in the annuity for another 10 years. The annuity paid 5% compounded every month. How much money was in the annuity in the end?

I got $3718.04. Can you confirm that this is correct? thanks!

Slightly drunk but I get the same.

Quote:

Originally Posted by

**ebaines** I get $3749.09. I asumed the deposits are made Jan 1, Apr 1, July 1, and Oct 1 each of the first 5 years.

I get more like $3764.71 under your assumption.