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What is the value of the annuity at maturity

Problem: Sam deposited $1,000 dollars today in a fixed-rate, tax-deferred annuity, which guarantees an 8% return with quarterly compounding. Commencing with the next year, he subsequently deposits $250 every 3 months at the end of the period, for the next 9 years. What is the value of the annuity at maturity?

a. $10,720

b. $12,999

c. $15,038

d. $15,298

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Finance Basics: What is the value of the annuity at maturity

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