Sunday

January 25, 2015

January 25, 2015

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

**Answer this Question**

**Related Questions**

accounting - A company was recently formed with $ 50,000 cash contributed to the...

personal finance - Beverly is planning for her retirement.She has determined ...

Accounting - . Journalize the following transactions using the perpetual ...

Accounting - Please prepare the following journal entries. Indicate which ...

Tax Planning - Grand Rapids Company paid $250,000 cash in full settlement of a $...

Accounting - The Clydesdale Company has sales of $4,500,000. It also has ...

accounting - The Anderson Company has sales of $4,500,000. It also has invested ...

Geometry - Luis has a simple calculator that has buttons for the digits 0 ...

Geometry - Luis has a simple calculator that has buttons for the digits 0 ...

math - Luis and Berto sell TVs. Last month Berto sold 15 more TVs than Luis. ...