Classes | Practice Tests / Quizzes | User Guide | Life Manuals

28.5K quizzes covering K–12, CBSE, SAT, ACT, GRE, UPSC, SSC, Banking, Reasoning & more.

Consumer math
| Take A Quiz

James Craig deposits $900 in an annuity due at the beginning of each quarter for 3 years. The account pays 6% interest compounded quarterly. What is the future value of the account in 3 years?

🎲 Try a Random Question | Total Questions in Quiz: 47 | 🧠 Study this quiz with Flashcards

This question is part of a full practice quiz:

Savings Accounts — practice the complete quiz, review flashcards, or try a random question.

🧠 Flashcards (fast review) 🧪 Practice Quiz ⚔️ Challenge a Friend 🥊

1. James Craig deposits $900 in an annuity due at the beginning of each quarter for 3 years. The account pays 6% interest compounded quarterly. What is the future value of the account in 3 years?

Step 1) Calculate the total number of interest pay periods. (Number of interest periods per year X Number of years) Step 2) Calculate interest rate per period (Rate(%) / Number of periods per year) Step 3) Using the table, find the future value of $1.00 using the calculations from step 1 and 2. Step 4) Find the Future Value (Amount Deposited X Future value from table) Step 5) ONLY DO THIS IF YOU ARE TRYING TO FIND ANNUITY DUE: Calculate future value. (Future Value from Step 4 X (1.00 + Rate per period) (Rate is step 2 from ordinary annuity))
Monthly (once a month) - Quarterly (once every 3 months)
The amount of money earning the interest
Step 1) Number of periods (4 quarters X 3 years = 12 interest periods) Step 2) Rate per Interest Period (6% / 4 quarters = 1.5% -> 0.015 as a decimal) Step 3) Chart 13.04121 Step 4) Future Value $900 X 13.04121 = $11,737.08 Step 5) Annuity Due ($11,737.08 x 1.015 = $11,913.13)

Welcome to Fatskills

Join 4M+ learners. Unlock unlimited quizzes, wrong-answer tracking, flashcards + reminders, study guides, and 1-on-1 challenges.

Create a free account Sign in

900+ exams • Millions of questions • No spam

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈 Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know?
Privacy | Terms |

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

James Craig deposits $900 in an annuity due at the beginning of each quarter for 3 years. The account pays 6% interest compounded quarterly. What is the future value of the account in 3 years?

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know? Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know?
Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com