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dedylja [7]
3 years ago
10

Jane and her husband deposited $500 in an account on their wedding day and each subsequent anniversary. The money was deposited

in an account that pays 7 percent interest, compounded annually. How much will they have on their 25th anniversary

Mathematics
1 answer:
zysi [14]3 years ago
3 0
Total = 500 * ([(1 + .07)^26 -1] / .07) -500
Total = 500 * (<span><span>4.8073529249 </span> / .07) -500
</span>Total = 500 * (<span>68.6764703562) -500
</span>Total = <span> <span> <span> 33,838.24
</span></span>
Source:
http://www.1728.org/annuity.htm

</span>

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