# math(urgent)

At the end of every year for 3 years, RM1000 will be invested in an account that offers 8% compounded annualy.Find the account amount at the end of the 3 years.

in my calculation i solve

1000(1+o.08/1)^(3-1)
=11664

1. 👍 0
2. 👎 0
3. 👁 65
1. what you have done is calculate the first year's growth.

Now you have to add the 2nd year:

1000(1+.08)^(2-1) = 1080.00
Then the third year: 1000

1166.40+1080.00+1000.00 = 3246.40

As you can see, for n years, you would have

1000(1+1.08+1.08^2 + ... + 1.08^(n-1))
= 1000(1.08^n - 1)/(1.08-1)

which for n=3, is

1000(1.08^3 - 1)/(1.08-1) = 3246.40

1. 👍 0
2. 👎 0
posted by Steve
2. Just use the formula.
Amount = payment( (1+i)^n -1)/i

Amount = 1000(1.08)^3 -1)/.08
= 3246.40

1. 👍 0
2. 👎 0
posted by Reiny
3. ok thanks both of you

1. 👍 0
2. 👎 0
posted by fizz

## Similar Questions

1. ### math(compunded interest )

4. At the end of every year for 3 years, RM1000 will be invested in an account that offers 8% compounded annualy.Find the account amount at the end of the 3 years.

asked by fizz on April 24, 2014
2. ### Math

Your Aunt will give your \$1,ooo if you invest it for 10 years in an account that pays 20% interest compounded annually. That is, at the end end of each year your interest will be added to your account and invested at 20%. What

asked by Natalie on August 30, 2006
3. ### personal finance

A.After a protracted legal case, Joe won a settlement that will pay him \$11,000 each year at the end of the year for the next ten years. If the market interest rates are currently 5%, exactly how much should the court invest

asked by Sandra on June 20, 2010
4. ### personal finance

After a protracted legal case, Joe won a settlement that will pay him \$11,000 each year at the end of the year for the next ten years. If the market interest rates are currently 5%, exactly how much should the court invest today,

asked by laura on November 10, 2009
5. ### Finance

Assume that you are 23 years old and that you place \$3,000 year-end deposits each year into a stock index fund that earns an average of 9% per year for the next 17 years. 1. How much money will be in the account at the end of 17

asked by Anthony on January 21, 2014
6. ### Personal Finance

Mary just deposited \$33,000 in an account paying 7% interest. She plans to leave the money in this account for eight years. How much will she have in the account at the end of the seventh year? Mary and Joe would like to save up

asked by Linda on March 23, 2010
7. ### Finance

Please answer these questions: 1. After a protracted legal case, Joe won a settlement that will pay him \$11,000 each year at the end of the year for the next ten years. If the market interest rates are currently 5%, exactly how

asked by Ecs on November 9, 2009
8. ### Personal Finance Concepts

After a protracted legal case, Joe won a settlement that will pay him \$11,000 each year for the next ten years. If the market interest rates are currently 5%, exactly how much should the court invest today, assuming end of year

asked by Anonymous on August 26, 2009
9. ### Math

Your Aunt will give your \$1,ooo if you invest it for 10 years in an account that pays 20% interest compounded annually. That is, at the end end of each year your interest will be added to your account and invested at 20%. What

asked by Natalie on August 28, 2006