Question 327111: How much money would I have if I invest 20,000 at 8% annually and I added 100 dollars per month at the end of 20 years.
Answer by nyc_function(2741)   (Show Source):
You can put this solution on YOUR website! P is the principal (the initial amount you borrow or deposit)
r is the annual rate of interest (percentage)
n is the number of years the amount is deposited or borrowed for.
A is the amount of money accumulated after n years, including interest.
When the interest is compounded once a year:
A = P(1 + r)^n
A = 20,000(1 + 0.08)^20
A = 20,000(4.660957144)
A = 93219.14288 + $100 for 20 years or $2000
A = 97219.14288 or about $97,219
|
|
|
