algebra

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You may use a spreadsheet for this one. If $60 is put in an account that gets 7% per year, and I add $15 at the end of each year, how much will I have at the end of 8 years

  • algebra -

    The formula for this would be:
    A=P x [(1+APR)^y-1]/APR where A is the final amount in the account, P is the annual contribution,APR is annual percentage rate, and y is the number of years. So, we have:
    A=15x[(1+.07)^7-1]/.07=$129.81
    To this, we add the amount of $60, the amount the account started with, and its' interest over 8 years, which is:
    60x(1.07)^8= 103.09, which gives us a grand total of 129.81+103.09=$232.90 ☺☺☺☺

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