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
1 answer:
Yaya
compound interetest
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
, you get the idea
anyway, the answer is 36426.9757
rounded, it's about $36426.98
the sum will be
compound interetest
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
anyway, the answer is 36426.9757
rounded, it's about $36426.98
the sum will be
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