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You would like to contribute to a savings account over the next three years in...

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Accounting

You would like to contribute to a savings account over the next three years in order to accumulate enough money to take a trip to Europe. Assume an interest rate of 14%, compounded quarterly.

How much will accumulate in three years by depositing $740 at the beginning of each of the next 12 quarters?

Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount.

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image \begin{tabular}{|l|l|} \hline Table, Excel, or calculator function: & \\ \hline Payment: & \\ \hline & \\ \hline Future Value: & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Table, Excel, or calculator function: & FV of $1 \\ \hline Payment: & FVA of $1 \\ \hline Future Value: & FVAD of $1 \\ \hline & PV of $1 \\ \hline & PVA of $1 \end{tabular} \begin{tabular}{|l|l|} \hline Table, Excel, or calculator function: & \\ \hline Payment: & \\ \hline & \\ \hline Future Value: & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Table, Excel, or calculator function: & FV of $1 \\ \hline Payment: & FVA of $1 \\ \hline Future Value: & FVAD of $1 \\ \hline & PV of $1 \\ \hline & PVA of $1 \end{tabular}

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