Question

Jerry starts to save at age 35 for a vacation home that he wants to buy for his 50th birthday. He will contribute $300 each month to an account, which earns 1.7% interest, compounded annually. What is the future value of this investment, rounded to the nearest dollar, when Jerry is ready to purchase the vacation home?
Answers:
$61,960
$60,924
$5,077
$5,163
This is the only question I couldn't figure out , I just need help with it please. Thanks

Answer 1

dude what happened????

Answer 2

lol

Answer 3

@Mimi_x3 I tried the formula you gave me and it didn't come out right

Answer 4

You entered it incorrectly then .....
Cuz it worked for me
Show me what you did and ill help ya out

Answer 5

3,600 (1+ 0.017)^25/0.017

Answer 6

its 15 not 25
50-35=15

Answer 7

oh let me try again, did I get everything else right besides the 25

Answer 8

(3,600 (1+ 0.017)^15-1)/0.017

Answer 9

You forgot to subtract the 1 too

Answer 10

Look at my revised equation

Answer 11

thanks @Mimi_x3 I got it now it was $60,924 , thank you for taking the time to help me out. ;) . ps: I like link to!
thanks again

Answer 12

hahaha np Glad i cld help