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):
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).
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?
