SOLUTION: If you save 1800 at the end of each year at a 5% annual interest for 20 years what is the accumulated amount at the end of the 20 years using s=p((1+r)^n-1)/r?

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Question 628476: If you save 1800 at the end of each year at a 5% annual interest for 20 years what is the accumulated amount at the end of the 20 years using s=p((1+r)^n-1)/r?
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
If you save 1800 at the end of each year at a 5% annual interest for 20 years what is the accumulated amount at the end of the 20 years using s=p((1+r)^n-1)/r?
:
s = p*%28%281%2Br%29%5En-1%29%2Fr
:
s = 1800*%28%281%2B.05%29%5E20-1%29%2F.05
:
s = 1800*%281.05%5E20-1%29%2F.05 = 1800*%282.6533-1%29%2F.05
:
s = 1800 * 33.06595 = $59.518.71