Loading [MathJax]/jax/output/SVG/jax.js
 
+0  
 
0
908
1
avatar
Julian has been secretly depositing 500inhissavingsaccount(earningfivepercent)everyChristmasstartingwhenhewas16yearsold.Nextyear,hewantstosurprisehisgirlfriendwithadiamondringforChristmas.Julianwillbe36andhasfinallyfoundagirlfriendofwhichhismotherapproves.Julianssavingsaccountiscompoundedannually.HowmuchwillJulianbeabletospendontheringafterhis500 contribution this year?
 May 31, 2012
 #1
avatar+42 
0
500*(1.05) 20+500*(1.05) 19+500*(1.05) 18+500*(1.05) 17+500*(1.05) 16+500*(1.05) 15+500*(1.05) 14+500*(1.05) 13+500*(1.05) 12+500*(1.05) 11+500*(1.05) 10+500*(1.05) 9+500*(1.05) 8+500*(1.05) 7+500*(1.05) 6+500*(1.05) 5+500*(1.05) 4+500*(1.05) 3+500*(1.05) 2+500*(1.05) 1=17359.62590401641141
 Jun 2, 2012

2 Online Users

avatar