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
1 answer:
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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