SOLUTION: Hello, If I were to invest $20,000.00 per year for 10 years at 7% with compounding interest how much would I have.
Thanx Dave
astro1468@aol.com
Question 481940: Hello, If I were to invest $20,000.00 per year for 10 years at 7% with compounding interest how much would I have.
Thanx Dave
astro1468@aol.com Answer by solver91311(24713) (Show Source):
You can put this solution on YOUR website!
Presuming the interest is compounded each time the annual payment is made (the answer is different if you have more than one compounding period per year):
Where is the future value, is the Periodic Payment, is the decimal representation of the annual interest rate, and is the number of years. Just plug in the numbers and start punching your calculator.
John
My calculator said it, I believe it, that settles it
