Asked by Fred
Mohammed's mother invests $200 for him each birthday up to and including his 18th birthday. The money earns 6% p.a. How much money will Mohammed have on his 18th birthday?
Answer = 6181.13
Answer = 6181.13
Answers
Answered by
Steve
So, you have the answer.
You can't check it by plugging into your formula for annuities' future value?
You can't check it by plugging into your formula for annuities' future value?
Answered by
Fred
I tried but i keep getting the wrong answer. Can you please help me
Answered by
Reiny
did you evaluate
200( 1.06^18 -1)/.06 ??
watch the order of operation, do the power first, then subtract the 1,
press = , then divide by .06
200( 1.06^18 -1)/.06 ??
watch the order of operation, do the power first, then subtract the 1,
press = , then divide by .06
Answered by
Fred
Thank you. I must have made a mistake in my working out.
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