Menomaths
Exaı̸̸̸̸̸̸̸̸lted Member
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- 2013
A man contributes towards providing a pension a sum of 500 annually on each of his 44 birthdays from his 21st to his 64th inclusive. Find the accumulated value of these 44 contributions on his 65th birthday, assuming that the money is invested at 10 percent per year compound interest.
Here's my working;
500*((1.1^45-1)/0.1) My answer comes out to be $500 more
Here's my working;
500*((1.1^45-1)/0.1) My answer comes out to be $500 more