SOLUTION: You deposit $3000 at the beginning of each year into an account earning 6% interest compounded annually. How much will you have in the account in 15 years?
I have tried the form
Algebra ->
Finance
-> SOLUTION: You deposit $3000 at the beginning of each year into an account earning 6% interest compounded annually. How much will you have in the account in 15 years?
I have tried the form
Log On
Question 1135554: You deposit $3000 at the beginning of each year into an account earning 6% interest compounded annually. How much will you have in the account in 15 years?
I have tried the formula A=P(1+r/n)^n*t, but still managed to get it wrong. Much help is appreciated. Thank you! Found 2 solutions by ikleyn, MathTherapy:Answer by ikleyn(52798) (Show Source):
You can put this solution on YOUR website!
You deposit $3000 at the beginning of each year into an account earning 6% interest compounded annually. How much will you have in the account in 15 years?
I have tried the formula A=P(1+r/n)^n*t, but still managed to get it wrong. Much help is appreciated. Thank you!
You have the wrong formula. The one you have gives the FV of a SINGLE AMOUNT for a specific amount of time.
The one you need is the FV of an ANNUITY DUE, seeing that a specific amount is DEPOSITED at the BEGINNING of a certain period for a certain amount of time.
