To save money for his daughter's college tuition, Joe invests $273 every quarter in an annuity that pays 6.4% Interest, compounded quarterly. Payments will be
made at the end of each quarter. Find the total value of the annuity in 21 years.
Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
xs ?

step-by-step explanation:

divide, then simplify your answer.

1. make -15.66 ÷   5.8 a fraction. then divide.

2. simplify.  

3. final answer.  

13.46

step-by-step explanation:

16.80 x .20 = 13.46

step-by-step explanation:

part a. the differences are decreasing, so we know the sequence is not arithmetic. the ratios are constant (=3/4), so we know the sequence is geometric.

part b. from part a, we know the common ratio is 3/4, so each term is 3/4 of the one before. the initial term is the number of gallons at h=1.

g[h] = (3/4)·g[h-1]

g[1] = 384 . . . . initial value required for a recursive definition

part c. the general formula for a geometric sequence is

a[n] = a[1]·r^(n-1)

we have a[1] = 384, r = 3/4, and the term number given by h. the formula that follows is

g[h] = 384·(3/4)^(h-1)

part d. filling in the value and doing the arithmetic, we have

g[12] = 384·(3/4)^11 ≈ 384·0.042235136 ≈ 16.2183 . . gallons

part e. each gallon is 4 quarts, so

16.2183 gal × 4 qt/gal = 64.8732 qt