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anonymous
 4 years ago
ray deposits $50 into a superannuation fund at the start of each month. The fund pays 15% interest which is compounded at the end of each month
i find the value of the fund at the end of 10 years
ii how many months will Ray have to contribute to the fund if he wishes the fund to be worth $25 000
anonymous
 4 years ago
ray deposits $50 into a superannuation fund at the start of each month. The fund pays 15% interest which is compounded at the end of each month i find the value of the fund at the end of 10 years ii how many months will Ray have to contribute to the fund if he wishes the fund to be worth $25 000

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anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0LOL i don't know how to do it

hba
 4 years ago
Best ResponseYou've already chosen the best response.0that means u didnt give it a try

mathslover
 4 years ago
Best ResponseYou've already chosen the best response.0I will surely give it a try soon : remember : dw:1341657452319:dwP = principal amount (the initial amount you borrow or deposit) r = annual rate of interest (as a decimal) t = number of years the amount is deposited or borrowed for. A = amount of money accumulated after n years, including interest. n = number of times the interest is compounded per year

anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0dw:1342093514034:dw There is a formula to calculate the monthly investment and return at a future period with Interest Monthly Amount A= $50 Years n = 10 * (12 months) = 120 Rate yearly= 15%  Monthly rate (r ) = 15/12= 1.25% = 1.25/100= 0.0125 Formula = A*(1+r) * (1+r)n 1 r Substituting it: = 50*(1+0.0125) * (1+0.0125)120 1 0.0125 = $ 13,932.86 For getting $25000, in the same formula ‘’n’’ would be not there .. so it would get complicated. You might need Log or trial n error method to solve. I simply use EXCEL sheet n try replacing the N and the answer I found is 159 months approx. i.e. 13.25 years approximately Hope I helped and you understood.

anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0THANK YOU SO SO MUCH!
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