trouble

Question

Oct 6, 2006, 05:06 PM

1hammer

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Join Date: Sep 2006

Posts: 2

trouble

Your parents put equal annual beginning-of-the-year deposits of $1,200 into an account earning 8% per year from the day you were born until your 18th birthday (a total of 19 deposits). How much money is in that account today?

Answers

Oct 6, 2006, 11:51 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,664	FVoa = PMT [((1 + i)^n - 1) / i] FVoa = 1,200 [((1 + 0.08)^19 - 1) / 0.08] FVoa = 1,200 [((1.08)^19 - 1) / 0.08] FVoa = 1,200 [((1.08)^19 - 1) / 0.08] FVoa = 1,200 [(4.3157 - 1) / 0.08] FVoa = 1,200 [3.3157 / 0.08] FVoa = 1,200 [41.4463] FVoa = 49,735.56

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