SOLUTION: This question is about an annuity. The answer should tell me how much has av=ccumulated at the end of 10 years if someone invests $9000 a year for 10 years with an interest rate of
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Question 749825: This question is about an annuity. The answer should tell me how much has av=ccumulated at the end of 10 years if someone invests $9000 a year for 10 years with an interest rate of 7%. The original problem: 9000((1+0.07)^10-1/0.07)=?? I followed an example, but cannot get the total that was given with the example. I have tried to different solutions and they are wronng. I can't get the correct answer. Answer by MathTherapy(10552) (Show Source):
You can put this solution on YOUR website!
This question is about an annuity. The answer should tell me how much has av=ccumulated at the end of 10 years if someone invests $9000 a year for 10 years with an interest rate of 7%. The original problem: 9000((1+0.07)^10-1/0.07)=?? I followed an example, but cannot get the total that was given with the example. I have tried to different solutions and they are wronng. I can't get the correct answer.
I assume based on the formula you typed that the invested amount should be compounded annually, and not continuously.
I don't know what accumulated value(s) you've come up with as you haven't stated any of the answers that you arrived at.
