Question

Fran is starting a savings program. She will deposit $1,000 annually with the first payment made...

  1. Fran is starting a savings program. She will deposit $1,000 annually with the first payment made today. If she earns 10%, how long will it take to accumulate $7,000? Don’t forget to change your calculator to beginning mode.
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Answer #1

Given,

Annual deposits (A) = $1000

Interest rate (r) = 10% or 0.10

Future value = $7000

Solution :-

Let no. of years be 'n'

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