SOLUTION: You deposit $3000 at the beginning of each year into an account earning 6% interest compounded annually. How much will you have in the account in 15 years? I have tried the form

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Question 1135554: You deposit $3000 at the beginning of each year into an account earning 6% interest compounded annually. How much will you have in the account in 15 years?
I have tried the formula A=P(1+r/n)^n*t, but still managed to get it wrong. Much help is appreciated. Thank you!

Found 2 solutions by ikleyn, MathTherapy:
Answer by ikleyn(52798)   (Show Source): You can put this solution on YOUR website!
.
Just solved under this link

https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1135580.html

https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1135580.html


Notice that the basic formula is DIFFERENT from that in your post.


To get the theory, look into the lesson I referred to in my previous post.



Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

You deposit $3000 at the beginning of each year into an account earning 6% interest compounded annually. How much will you have in the account in 15 years?
I have tried the formula A=P(1+r/n)^n*t, but still managed to get it wrong. Much help is appreciated. Thank you!
You have the wrong formula. The one you have gives the FV of a SINGLE AMOUNT for a specific amount of time. 
The one you need is the FV of an ANNUITY DUE, seeing that a specific amount is DEPOSITED at the BEGINNING of a certain period for a certain amount of time.
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