algebra

posted by lamar

interest formula, and or answer. if you put $200.00 in an annuity that grows at 6% interest per year at the end of every year, and you add $200.00 more at the end of every year, how much will you have at the end of 70 years.
I know prt, but it doesn't work. is this pertaining to the geometric formula of Sn=[n(A1+An)]/2

  1. Steve

    You want

    200((1.06^71 - 1)/(1.06-1) - 1)

    Better study your annuity formula and how it arises.

Respond to this Question

First Name

Your Answer

Similar Questions

  1. math

    can I any one help me to find a formula to calculate 401K plans for my project?
  2. math,help

    what formula do i use for the following problem: which of the following investments is larger after 19years?
  3. maths

    On 1 Jan 2007, Peter celebrates his 30 year old birthday. As a birth commitment, Peter joins a 15 year-contribution Annuity Plan. The annual contribution will be fixed at $28,800 for 15 years. The first annual premium is payable on …
  4. pre-algebra

    Shannon put $ 7,000 in a 5 year CD that paid 8% interest per year. Malcolm put $6,000 in a 5 year CD that paid 10% interest. What was the balance of each person's account at the end of the 5 years?
  5. Finance

    Need help finding a formula for: Question: Suppose a bank offers you the following deal: You pay to the bank an annuity amount of $A per year over the next 10 years and the bank will in turn pay you $40,000 per year starting at the …
  6. GED-Word Problems

    Enrique put $300 dollars into a savings account at 5% interest per year. The earned interest on the $300 was added to the account at the end of the year. At the time Enrique made an additional deposit of $200. How much does have in …
  7. math

    lolita kept $200 in her savings account for a year, the bank pays 6 1/2% interest per year. how much interest did she receive at the end of the 1 year.
  8. MATH

    LOLITA KEPT $200 IN HER SAVINGS ACCOUNT FOR A YEAR. THE BANK PAYS 6 1\2% INTEREST PER YEAR. HOW MUCH INTEREST DID SHE RECEIVE AT THE END OF 1 YEAR
  9. maths

    A man borrows Rs 18000 at 5% per annum compound interest .If he repays Rs 6000 at the end of the first year and Rs 8000 at the end of the second year; how much should he pay at the end of the 3rd year in order to clear the account?
  10. Finance: Mortgages

    A borrower received a 30-year ARM mortgage loan for $200,000. Rate caps are 3/2/6 (initial adjustment cap/periodic interest rate cap/lifetime interest rate cap). The start rate is 3.50% and the loan adjusts every 12 months for the …

More Similar Questions