Question 1187148
the answer that i got is future value at the end of 8 years = 83421.88.


i used the calculator at <a href = "https://arachnoid.com/finance/index.html" target = "_blank">https://arachnoid.com/finance/index.html</a>


these are the results from using that calculator.


<img src = "http://theo.x10hosting.com/2021/122004.jpg" >


i then went to excel and calculated the remaining balance at the end of each year.


i also borrowed the formula from the calculator (shown on the calculator link below the calculator itself) and modified it a little to get the answer that i wanted.


the excel results are shown below:


<img src = "http://theo.x10hosting.com/2021/122005.jpg" >


the modified formula is shown in the excel display to the right of the end of year by end of year remaining balances.


the processing for the end of year remaining balance is:


remaining balnce at the end of the current year = (1.05 * remaining balance at the end of the previous year) + 1000


the formula you are looking for was the formula used by the calculator.


let me know if you have any questions.


theo