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 Do not quote a formula.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.

Question

anonymous · Answer

how to do this??

anonymous · Answer

is there anybody who can help me??

anonymous · Answer

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

anonymous · Answer

yes. thanks a lot!

anonymous · Answer

great glad i could help X)

shadowfiend · Answer

Don't forget to give a medal if someone was helpful!

anonymous · Answer

hm.. thx for telling. I'm still new around here so I didn't know some things..

shadowfiend · Answer

No worries :)