for ten years, $750 is deposited at the end of every 3 months in a savings account that pays 8% /a, compounded quarterly. find the amount of the annuity and the total interest earned.
Posts Tagged ‘increases’
Is there a future value formula for a growing annuity that compounds interest monthly and increases annually?
09
Mar
For example: $1000 contribution per month for first year at 12% p.a compounded monthly. Contributions increase by 7% each year i.e. second year contributions will be $1070.