At the beginning of each year, Joe invests $10,000 in his retirement fund. The fund gives 10% interest, compounded annually. At the end of the third year, how much money will be in Joe's fund?
Final amount = 10 000 (1+.10)3
EP: 10,000 are annual deposits at the beginning of each year:
P=10000; R=0.10; N=3; FV=P*((1 + R)^N - 1)/ R * (1 + R
FV = $ 36,410 - Balance of the retirement fund at the end of the 3rd year.