Answer:
$232,666.08
Step-by-step explanation:
Use Table 14-1 to find the future value of a quarterly annuity due of $2,000 for 15 years at 8% annual interest compounded quarterly. (TV = 114.052)
15 years × 4 periods per year = 60 periods, 8% annual interest rate / 4 periods per year = 2% period interest rate (or 0.02)
Future value = annuity payment × table value × ( 1 + period interest rate )
FV = 2000 * 114.052 * (1 + 0.02) =
FV = 2000 * 114.052 * (1.02) = $232,666.08
