- #1
Wilmer
- 307
- 0
d is deposited in a savings account for 3 years, then 2d for 3years,
then 3d for 3 years, and so on similarly;
here's an example for 9 years, 1st deposit = $100, rate = 10% annual:
GIVENS:
y = number of years (multiple of 3): 9 in above example
j = annual rate / 100 : .10 in above example
f = first deposit : $100 in above example
What is the future value of the account (2,460.51 in above example) in terms of y, j and f ?
then 3d for 3 years, and so on similarly;
here's an example for 9 years, 1st deposit = $100, rate = 10% annual:
Code:
YEAR DEPOSIT INTEREST BALANCE
0 .00
1 100.00 .00 100.00
2 100.00 10.00 210.00
3 100.00 21.00 331.00
4 200.00 33.10 564.10
5 200.00 56.41 820.51
6 200.00 82.05 1,102.56
7 300.00 110.26 1,512.82
8 300.00 151.28 1,964.10
9 300.00 196.41 2,460.51
y = number of years (multiple of 3): 9 in above example
j = annual rate / 100 : .10 in above example
f = first deposit : $100 in above example
What is the future value of the account (2,460.51 in above example) in terms of y, j and f ?