Question

Your parents are giving you $3,000 at the beginning of each year for four years. You are saving this money and earning a 2.5% rate of return on your savings.

How much money will you have at the end of the four years?

Answer 1

Solution for the given problem is 12768.60

the formula used for the calculation is FV=A(1+i)ⁿ

^{where , A = AMOUNT OF DEPOSIT EVERY YEAR}

^{I = INTEREST RATE PER ANNUM}

^{N = NUMBER OF YEARS}