Asked by Kiesha
IF Joseph deposits $1,000 at year-end for the next 35 years, assuming he makes one yearly deposit of $1,000 at 5% compounded annually, how much interest would he earn?
Answers
Answered by
Reiny
amount = 1000(1.05^35 - 1)/.05
= 90320.31
without any interest he would have
35x1000 or 35000
so isn't the difference the interest he earns?
= 90320.31
without any interest he would have
35x1000 or 35000
so isn't the difference the interest he earns?
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