SOLUTION: You deposit $3000 each year into an account earning 2% interest compounded annually. How much will you have in the account in 35 years?

Question 1061589: You deposit $3000 each year into an account earning 2% interest compounded annually. How much will you have in the account in 35 years?
Found 2 solutions by Theo, MathTherapy:
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
you can use a formula to solve this or you can use an online calculator.

here's a tutorial that might help you.

https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson#notes

i used the online calculator referenced.
it can be found at "a rel=nofollow HREF= "http://arachnoid.com/finance/index.html" target = "_blank">http://arachnoid.com/finance/index.html

here's my output from that calculator.

for this problem:

you enter present value and future value as 0.
you enter payment as -3000.
you select end of time period payments.
you enter 35 for the number of years.
you enter 2 for the percent interest rate per year.

if you entered payment as 3000, you would get the same answer, only negative.

it's a cash flow convention.
negative means money going out (your payment) and positive means money coming in (the future value in this case).

Answer by MathTherapy(10556) (Show Source): You can put this solution on YOUR website!

You deposit $3000 each year into an account earning 2% interest compounded annually. How much will you have in the account in 35 years?

You will have:
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