I need to work out a formula for a investment calculator on my website but can't seem to figure it A customer will pay a monthly amount every month for a certain term in years getting 9% profit each year. What is the best way to work this out.
£50 per month for 10 years getting 9% increase each year
FV = Pmt x (((1 + r) ^ n) – 1)/r) FV = future value Pmt = monthly deposit r = MONTHLY interest n = number of months
FV = 50 x (((1 + .09/12)^n- 1/(.09/12))
what is the total you get from the formual, so i can make sure i also have the right answer
Basically I want to know the formula of how this webiste has calculated the future value
THAT is a different story than in your original question........ your latest examplehass only one deposit each year at the beginning of the year.....your first question has monthly deposits....
My apolohies. maths was never my strength, the image that i sent, is the formula that i require if you can be so helpful
FV = A[ ((1 + r)^(n + 1) - (1 + r)) / r ]
A = 588 r = .09 n = number of years FV = Future value