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    1hammer's Avatar
    1hammer Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 6, 2006, 06:06 PM
    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?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Oct 7, 2006, 12:51 AM
    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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