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Math Help - Investment/Annuity Question?

  1. #1
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    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!
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  2. #2
    MHF Contributor ebaines's Avatar
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    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.
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  3. #3
    Member jonah's Avatar
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    Re: Investment/Annuity Question?

    Quote Originally Posted by eleventhhour View Post
    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 View Post
    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.
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