So, you have the answer.
You can't check it by plugging into your formula for annuities' future value?
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
4 answers
I tried but i keep getting the wrong answer. Can you please help me
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
Thank you. I must have made a mistake in my working out.