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Starting with the first, on each of Gideon's birthdays, Dr. Joe deposits $1100 into an account earning 2% interest compounded annually.
What is the total amount in the account after the deposit made on Gideon's eighteenth birthday? How much should Dr. Joe have deposited each year if he had wanted the account to be worth $199000 on Gideon's eighteenth birthday?
Starting with the first, on each of Gideon's birthdays, Dr. Joe deposits $1100 into an account earning 2% interest compounded annually.
What is the total amount in the account after the deposit made on Gideon's eighteenth birthday? How much should Dr. Joe have deposited each year if he had wanted the account to be worth $199000 on Gideon's eighteenth birthday?
Answers
Answered by
Steve
Don't you have a formula for the future value of an annuity? If not, google can provide it -- or maybe your class textbook!
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