Question

Hemos decidido ahorrar ingresando en un banco 1000 € al principio de cada año. Calcula, aplicando la fórmula, la cantidad que tendremos ahorrado al cabo de 8 años, sabiendo que el banco nos da un 6% de interés.

Answer 1

Answer:

There will be 9897.47€ in the account.

La cantidad será de 9897.47€.

Step-by-step explanation:

Future value with annuity:

The future value formula, for an annuity, is:

$FV = \frac{P((1+r)^{n} - 1)}{r}$

An annuity means that a number of payments happen during the period(an year, for example.

P is the value of the deposit, r is the interest rate, as a decimal, and n is the number of deposits.

In this question:

1000 € each year, so $P = 1000$

Interest rate of 6%, so $r = 0.06$

One application per year for 8 years, so $n = 8$

Total amount:

$FV = \frac{1000((1+0.06)^{8} - 1)}{0.06} = 9897.47$

There will be 9897.47€ in the account.

La cantidad será de 9897.47€.