Whats wrong with my working (1 Viewer)

Menomaths

Exaı̸̸̸̸̸̸̸̸lted Member
Joined
Jul 9, 2013
Messages
2,373
Gender
Male
HSC
2013
A man contributes towards providing a pension a sum of 500 annually on each of his 44 birthdays from his 21st to his 64th inclusive. Find the accumulated value of these 44 contributions on his 65th birthday, assuming that the money is invested at 10 percent per year compound interest.
Here's my working;
500*((1.1^45-1)/0.1) My answer comes out to be $500 more :mad:
 

pdang

Member
Joined
Mar 20, 2013
Messages
31
Gender
Male
HSC
2010
i thin its just because the question says he puts in 500 a year from 21st to 64th bday so he doesnt put in 500 on his 65th, he only gets interest for that year
 

Users Who Are Viewing This Thread (Users: 0, Guests: 1)

Top