SOLUTION: Can someone tell me where l am going wrong cause l can not get the answer that correlates to the ones l am given. question John wants to start saving for an apartment. On his

Question 1112939: Can someone tell me where l am going wrong cause l can not get the answer that correlates to the ones l am given.
question
John wants to start saving for an apartment. On his 20th birthday, he starts depositing R500 per week into
a bank account with an annual interest rate of 8%, compounded weekly. He will continue to make these
weekly payments until the day of his 29th birthday. How much money will he have saved by then to finance
the purchase of an apartment?
[1] R397 856,29
[2] R166 717,97
[3] R78 714,77
[4] R342 321,48

A = 500 x [(1+(0.08/52)^(52 x 9)) - 1]/(0.08/52)
= 500 x [(1.0015^468) � 1]/0.00153
= 500 x 1.0167/0.00153
= 500 x 664.51
= 332,255

Answer by ikleyn(52803) (Show Source): You can put this solution on YOUR website!
.

You count 9*52 = 468 weeks in 9 years.

I count 469 weeks.

About such details, wise people say

    "read attentively what is written by small font in the bank agreement. . ."

Also, it is "Annuity Due" account, when the money are invested at the BEGINNING of each compound period - it has its own features
comparing with usual "Ordinary annuity" . . .

See my lesson
- Annuity Due saving plans and geometric progressions
in this site. You will see the additional factor there, which makes the "Annuity Due" plan distinctive from the "Ordinary annuity" plan.

I am not a financial specialist and look in this problem as a Math person only.

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