Question 1088400: The formula S= http://store4.up-00.com/2017-07/150065891621791.jpg
models the value of a retirement account, where A = the number of dollars
added to the retirement account each year, r = the annual interest rate, and
s = the value of the retirement
account after t years. If the interest rate is 11%, how much will the account be worth after 15 years if $1200 is added each year? Round to the nearest whole number.
thank you
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! If you have the formula, use it.
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Assuming you start with zero dollars:
end of year 1: 1200
end of year 2: (1200*1.11)+1200
etc., with contributions made at the end of each year.
1200[((1+0.06)^7-1)/0.06]
1200(0.5036/0.06)
1200(8.3938) = 10,072.56
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