SERIES APP.
Lets see who is smart here
Q. Benny Franklin left a will in which he established a fund of $1000 for the citizens of Boston. His instructions were that his money was to be invested at 5% interest, compounded annually. (ANS=$131 501
i) If Franklin's instructions were folllowed, how much money would have been in the fund 100 yrs after it was established?
ii) (here comes the tricky one) Suppose that at the beginning of each subsequent yr after establishment, a further $1000 had been added to the fund and had also earned 5% inteerest, compounded annually. How much would have been in the fund after 200yrs, just b4 the nest $1000 would have been added to the fund? (ANS=$363123197)
yes long and tedious