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skelet666 [1.2K]
3 years ago
6

periodic deposit of 3000 at the end of each year with a rate of 3.5 compounded annually for 10 years will have how much money

Mathematics
1 answer:
andrew-mc [135]3 years ago
7 0
Yaya
compound interetest


A=P(1+r)^t
for compounded annually
A=future amount
P=present amount
waait, we need to add 3000 per month

anyway, each year, we multiply by 1+3.5%=1+0.035=1.035
so

add 3000, multiply by 1.035
add 3000, multiply by 1.035
repeat until yo did it 10 times((3000+((3000+((3000+(3000(1.035)))(1.035)))(1.035))(1.035)), you get the idea
anyway, the answer is 36426.9757
rounded, it's about $36426.98

the sum will be
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