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# how did they get this answer 94,135 useing formula 28800(1+0.087)^3-1

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how did they get this answer 94,135 useing formula 28800(1+0.087)^3-1

Guest Mar 30, 2017
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#1
+7199
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how did they get this answer 94,135 useing formula 28800(1+0.087)^3-1

$$28\ 800\times (1+0.089525)\times 3=94\ 135$$

!

asinus  Mar 30, 2017
edited by asinus  Mar 30, 2017
#2
+1

This is the FV of an ordinary annuity. You would use this formula to calculate it.

FV=P{[1 + R]^N - 1/ R}

FV =28,800 x {[1 + 0.087]^3 - 1 / [0.087]}

FV =28,800 x {[1.087]^3 - 1 / [0.087]}

FV =28,800 x                    3.268569

FV =\$94,134.79

Guest Mar 30, 2017
#3
+91779
+1

how did they get this answer 94,135 useing formula 28800(1+0.087)^3-1

Your formula is wrong you were supposed to divide by 0.087

28800(1+0.087)^3-1 = 36988.7264864

but

28800((1+0.087)^3-1)/0.087 = 94134.7872

Melody  Mar 30, 2017

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