A savings plan requires end-of-month contributions of $100 for 25 years. What will be the future value of the plan if it earns 7% compounded quarterly for the first half of the annuity's term and 8% compounded semi-annually for the last half of the term?

Compounded Quarterly

Interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan, done four times a year.

Future Value

An asset or cash's future worth that is equal to a designated sum in the present day.

Savings Plan

A strategic approach to setting aside a portion of one's income for future use or emergencies.