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

Question

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] · Answer 1 · 2021-12-05T22:31:19+03:00

zysi [14]3 years ago

3 0

Total = 500 * ([(1 + .07)^26 -1] / .07) -500
Total = 500 * (4.8073529249 / .07) -500
Total = 500 * (68.6764703562) -500
Total = 33,838.24

Source:
http://www.1728.org/annuity.htm