Here is a question given to us by our math teacher as a challenge!! Suppose that the US government had the foresight, on Independence Day of 1776, to put aside $1,000,000 and increased that amount by $1,000,000 each and every year thereafter(that is: $1 million in 1776, $2 million in 1777, $3 million in 1778.......to $242 million in 2017) at 5% compounded annually, how much would the US Treasury have in the Federal Reserve Bank today? I need a lot of help on this one! Thank you very much.
Here is a calculator for finding values of arithmetic increasing annuity...
See bottom line,,,,, 53 trillion 681 billion 912 million 20 thousand 3hundred twenty four. (using 241 payments)