Asked by nykterstein
Betty deposits Php120,000 annually into a bank that earns 6.85% compounded annually. Due to a change in employment, these deposits stop after 10 years, but the account continues to earn interest until Betty retires 25 years after the last deposit is made. How much is in the account when Betty retires?
Answers
Answered by
mathhelper
One-step calculation:
amount = 120,000(1.065^10 - 1)/.065 * (1.065)^25
= ....
amount = 120,000(1.065^10 - 1)/.065 * (1.065)^25
= ....