# algebra

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. You want

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

Better study your annuity formula and how it arises.

posted by Steve

## Similar Questions

1. ### math,help

what formula do i use for the following problem: which of the following investments is larger after 19years? a) \$7500 is deposited annually and earns 4.5% interest compounded annually. b)\$600 is deposited monthly and earns 4.5%
2. ### math

can I any one help me to find a formula to calculate 401K plans for my project? Thanks Compound Interest With compound interest, the interest due and paid at the end of the interest compounding period is added to the initial
3. ### algebra

Suppose a retiree wants to buy an ordinary annuity that pays her \$2,000 per month for 20 years. If the annuity earns interest at 3.5% interest compounded monthly, what is the present value of this annuity?
4. ### Math

James has set up an ordinary annuity to save for his retirement in 19 years. If his monthly payments are \$250 and the annuity has an annual interest rate of 7.5%, what will be the value of the annuity when he retires? Would the
5. ### Finite math

Consider the following annuity scheme: regular payments of \$200 are made every two months at the end of the month (in other words, there are six equally spaced payments over the year) into an account with a nominal rate of 6%
6. ### math

How did they get to this answer can someone explain the steps. Directions: Find the future value of each ordinary annuity, if payments are made and interest is compounded as given. R = 15,000; 12.1% interest compounded quarterly
7. ### math

The owner of Campus Cafe plans to open a second location on a satellite campus in 5yrs. She buys an annuity that pays 10.5% interest compounded annually A. If the payment is \$4000 a year, find the future value of the annuity in
8. ### CONSUMER MATH

The owner of Campus Cafe plans to open a second location on a satellite campus in 5yrs. She buys an annuity that pays 10.5% interest compounded annually A. If the payment is \$4000 a year, find the future value of the annuity in
9. ### Finance

The payment structure of a corporate bond is best thought of as: an annuity of interest payments. an annuity of principal and interest payments. an annuity of principal payments. an annuity of interest payments and a single
10. ### Corporation Finance

If you put up \$28,000 today in exchange for an 8.25%, 15-year annuity, what will the annual cash flow be? The answer I came up with was \$30,310, does anyone know a formula or the steps to find the answer, I just trying using the

More Similar Questions