Posted by Diane on Friday, August 5, 2011 at 2:29pm.
Didn't you ask the same question on Tuesday ?
http://www.jiskha.com/display.cgi?id=1312312482
"Yes but the answer didn't make sense and in fact, was not what my professor was looking for.
You are right, after I read it more carefully, one tiny change has to be made
Instead of
Amount at the last deposit
= 900[ 1.03^14 - 1]/.03 = 15377.69
Value at the end of 8 years = 15377.69(1.03)^2 = 16314.19
change it to:
Amount at the last deposit
= 900[ 1.03^14 - 1]/.03 = 15377.69
Value 8 years after last deposit = 15377.69(1.03)^16 = 24676.68
Notice I changed the exponent of 2 in the last line to 16
I had it as 8 years from now, instead of 8 years after the last deposit.
Thank you I believe that's what I got and now it makes sense. Thanks
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