SOLUTION: $4 is invested daily, at 6% for 10 years. The total is x amt. Determine the amount. 6% = .06 10 years = 3650 days. Not sure how to solve.

Question 1155335: $4 is invested daily, at 6% for 10 years. The total is x amt. Determine the amount.
6% = .06
10 years = 3650 days.
Not sure how to solve.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
this looks like the sum of a geometric series should give you the answer.
i also confirmed the answer with a financial calculator that finds the future value of payments
the sum of a geometric series formuls is Sn = A1 * (r^n -1) / (r - 1)
the common ratio is 1 + .06 = 1.06
A1 = 4
the formula becomes S₃₆₅₀ = 4 * (1.06 ^ 3650 - 1) / (1.6 - 1).
this formula is evaluarted to get:
S₃₆₅₀ = 1.549947391 * 10 ^ 94.
i also used the financial calculator with the following inputs.
present value = 0
future value = 0
payment = 4 dollars (entered as -4)
interest rate = 6% per day
number of days = 3650
the calculator told me that the future value was 1.549947391 * 10 ^ 94.
i didn't really expect it to be right on, but it was.
after i determined why it was right on, i felt more comfortable with the answer.
your solution is:
the value at the end of 10 years is 1.549947391 * 10 ^ 94.
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