Question

derek will deposit $1415.00 per year for 19 years into an account that earns 13%. The first deposit is made next year. He has $13950 in his account today. How much will be in the account 35 years from today

Answer #1

We use the formula:

A=P(1+r/100)^n

where

A=future value

P=present value

r=rate of interest

n=time period.

A=13950*(1.13)^35+1415*(1.13)^34+1415*(1.13)^33+1415*(1.13)^32+1415*(1.13)^31+1415*(1.13)^30+1415*(1.13)^29+1415*(1.13)^28+1415*(1.13)^27+1415*(1.13)^26+1415*(1.13)^25+1415*(1.13)^24+1415*(1.13)^23+1415*(1.13)^22+1415*(1.13)^21+1415*(1.13)^20+1415*(1.13)^19+1415*(1.13)^18+1415*(1.13)^17+1415*(1.13)^16

**=$1712868.52(Approx)**

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Answer format: Currency: Round to: 2 decimal places.

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Answer format: Currency: Round to: 2
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Submit
Answer format: Currency: Round to: 2
decimal places

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