+0  
 
0
47
3
avatar

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.

Guest Nov 19, 2018
 #1
avatar+14579 
+3

Here is a calculator for finding values of arithmetic increasing annuity...

 

https://www.mathcelebrity.com/arithannimmpv.php?fpmt=1000000&ap=1000000&n=241&i=5&check1=1&pl=Calculate

 

 

See bottom line,,,,,   53 trillion 681 billion 912 million 20 thousand  3hundred twenty four.    (using 241 payments)

ElectricPavlov  Nov 19, 2018
edited by Guest  Nov 19, 2018
edited by Guest  Nov 19, 2018
 #2
avatar+92785 
+1

Thanks, EP....but the answer is  0

 

The Government would have spent it all and there would be NO MONEY left in the Fed Reserve Bank....

 

 

cool cool cool

CPhill  Nov 19, 2018
 #3
avatar+14579 
+1

YOU WIN !!!!!!!     Haha ...so ABSOLUTELY true !    I am still laughing !!cheekycheekycheekycheeky

ElectricPavlov  Nov 20, 2018

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