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anonymous

  • 5 years ago

A superannuation fund pays an interest rate of 9% per annum which compounds annually. Stephanie decides to invest $1000 in the fund at the beginning of each year, commencing on 1 January 2013. What will be the value of Stephanie’s superannuation to the nearest cent when she retires on 31 December 2043? Assume she is paid interest in full and she makes no deposit in 2044. Do not quote a formula. You must derive your solution using a G.P.

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  1. anonymous
    • 5 years ago
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    how to do this??

  2. anonymous
    • 5 years ago
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    is there anybody who can help me??

  3. anonymous
    • 5 years ago
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    you would use y=a*b^x to find compoud interest x=number of intrest piriods 9:57 am chancetaylor: y=the balance 9:58 am chancetaylor: a=initial deposit 9:58 am chancetaylor: b=growth factor 9:58 am chancetaylor: dose that help any? 9:59 am

  4. anonymous
    • 5 years ago
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    yes. thanks a lot!

  5. anonymous
    • 5 years ago
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    great glad i could help X)

  6. shadowfiend
    • 5 years ago
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    Don't forget to give a medal if someone was helpful!

  7. anonymous
    • 5 years ago
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    hm.. thx for telling. I'm still new around here so I didn't know some things..

  8. shadowfiend
    • 5 years ago
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    No worries :)

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