Question

when solving for interest on a annuity. 6000((1+0.06)^25 (-1) / 0.06. could some one explain to me how to do it

Answer 1

\[6000\frac{ (1+0.06)^{25}-1 }{ 0.06 }\]

Answer 2

-1 is part of the formula for an annuity

Answer 3

The rate r = .06/12

Answer 4

this is an alg equation

Answer 5

25 years

Answer 6

rate 0.06

Answer 7

So t = 25 * 12 = 300 months
r = .06/12 = .005
That's how you calculate Future value with annuity formula

Answer 8

that is not how it was given see above

Answer 9

ok so what do i do with the two answers

Answer 10

ok, just very confused with the algb2

Answer 11

Then the result * ( 6000/ .005) = 4, 157, 963.78

Answer 12

ok ill try it and see

Answer 13

can you show me on the equation board, i am still lost

Answer 14

FV = 6,000 ( 1.005^300 -1 ) / .005