After 35 years, you will have $911,053.82 in the account.
This is based on a quarterly deposit of $1,500 per year for a period of 35 years at 7% interest, monthly compounded.
Data and Calculations:
Quarterly Deposit = $1,500
Number of years = 35 years
N (# of periods) = 140 (35 x 4)
I/Y (Interest per year) = 7% (0.583% per month)
PV (Present Value) = 0
Quarterly PMT (Periodic Payment) = 1500
P/Y (# of periods per year) = 4
C/Y (# of times interest compound per year) = 12
PMT made at the of each period
Results:
Future Value = $911,053.82
Sum of all periodic payments = $210,000.00 ($1,500 x 140)
Total Interest = $701,053.82 ($911,053.82 - $210,000)
Thus, after 35 years, the account will have a balance of $911,053.82.
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