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9 October, 08:24

If $85 is put into an account that gets 8.5% and I add $15.00 per year, how much will I have in 8 years

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  1. 9 October, 11:56
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    Using geometric progression formula

    sn=[a (r^n-1) / (r-1) ]

    s8=[15 (1.085^8-1) / (0.085) ]

    The total amount will be given by:

    85 (1.085) ^8+[15 (1.085^8-1) ]/0.085

    =325.7109

    After 8 years we shall have 325.71
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