PreCalculus

posted by .

Hi im unsure how do this problem becasue I do not how to go about these types of problems were you make monthely payments each month of the same amount...

Janene contributes $50 per month inot the Chaing China Bond Fund htat earns 7.26% annual intrerest. What is the value of Hanene's investment after 25 years (assuming that Mr. Chiang has not skipped twon with her dough?)

I don't even know what formula to use...

  • PreCalculus -

    The answer depends somewhat upon whether interest is compounded monthly, quarterly or annually, etc. It is easier to do if the interest is compounded monthly, the same frequency that investments are made.
    A total of 25 x 12 = 300 payments of $50 are made into the account. Using this website:

    http://www.bankrate.com/calculators/savings/simple-savings-calculator.aspx

    I get a total after 25 years of $42,516

  • PreCalculus (Reiny please help) -

    Make that 42,516.84. There is a formula that could be used, but I don't know it. reiny probably knows the formula.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. International business

    You are the chief executive officer of a multinational’s subsidiary in a developing host country. The subsidiary has been in business for about eight years, making electric motors for the host country’s domestic market, with mediocre …
  2. PreCalculus

    Hi im unsure how do this problem becasue I do not how to go about these types of problems were you make monthely payments each month of the same amount... Janene contributes $50 per month inot the Chaing China Bond Fund htat earns …
  3. Precalculus

    Hi im unsure how do this problem becasue I do not how to go about these types of problems were you make monthely payments each month of the same amount... Janene contributes $50 per month inot the Chaing China Bond Fund htat earns …
  4. Algebra

    Use the five steps for problem sovling. Company A charges $25 per month plus $0.22 per minute for cell phone service. Company B charges $35 per month plus $0.12 per minute. How many minutes of usage is needed in one month to make Company …
  5. Elementary Algebra

    I need help setting this problem up? AT&T one rate 10cents nation wide direct plan for $2.99 a month plus 10cents per minute. Quest 5cent long distance plan for $4.99 per month plus 5cents per minute. For what number of minutes per
  6. math

    diane works at a public university and contributes $625 per month in her retirement fund. the fund returns 3.84% a year, compounded monthly. how much will she have in her account after 15 years. b. the economy gets better and the return …
  7. math

    A fifth grade class collected data about class spending per month on various items. Below are some of the results. A median amount of $6 per month was spent for books and magazine. A median amount of $10 per month was spent for tapes …
  8. microeconomics

    1. Suppose that an increase in the price of carrots from $1.20 to $1.40 per pound raises the amount of carrots that carrot farmers produce from 1.2 million pounds to 1.6 million pounds. Using the midpoint method, what would be the …
  9. math

    The amount collected per month from a consumer of electrical power consists of two parts- a fixed charge for providing the service and a variable charge which is directly proportional to the number of units of power consumed. An amount …
  10. math 10

    Dan and Leanne's mortgage payments takes 2/3 of Dan's take home pay every month. His cheque is $785.50 in the middle of the month and $739.50 at the end of the month. Give the amount of the monthly mortgage payments.

More Similar Questions