Question

pleasee help me!

Answer 1

I got 470,000 & Thats not right.

Answer 2

@phi could you please help?!

Answer 3

do you know the formula?

Answer 4

I don't. Once I know it, I think I should be able to understand this question.

Answer 5

\[ FV= pmt \frac{(1+i)^n-1}{i}\]
i is 2.35% interest, which is 0.0235 as a decimal
n is the number of years, n=5
pmt (payment) is 4000.

Answer 6

how? if you save 4000 for 5 years, that is 20,000
2% or 3% interest won't make that amount grow that large in 5 years (one could only wish)

do it in steps:
what is (1+i)^n ?