Monday

July 28, 2014

July 28, 2014

Posted by **Terri** on Sunday, April 29, 2012 at 10:45pm.

- Math -
**Steve**, Monday, April 30, 2012 at 11:27amassuming he adds 3000 at the beginning of each quarter, the account will have

1 quarter: 150000*1.02+3000*1.02

2 qtrs: 150000*1.02^2 + 3000*(1.02^2 + 1.02)

n qtrs: 150000*1.02^n + 3000(1.02 + 1.02^2 + ... + 1.02^n)

= 150000*1.02^n + 3000 (1.02^n-1)/(1.02-1)

= 150000*1.02^n + 3000(1.02^n-1)/.02

= 150000(1.02^n + 1.02^n - 1)

= 150000(2*1.02^n - 1)

so, after 20 years (80 quarters), he will have $1,312,631.75

- Math -
**Steve**, Monday, April 30, 2012 at 11:29amOops. the formula is

150000(1.02^n + 1.02^(n+1) - 1)

so $1,327,258.06

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