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Maths question (Finance)
Mary wants to deposit $3000 at the end of every month for an investment fund that pays interest of 8% compounded monthly in the coming 20 years. What will be the lump sum twenty years later?
p.s. 1. When seeing "compound interest" in this question, do I need to let 8% divide by 12 as a monthly interest firstly?
p.s. 2. Please kindly calculate step by step. Tks!
p.s. 1. Yep~ I actually overlooked the denominator 12 in someone else's calculation. Definitely, yes ! Besides, not because of the term "compound interest" so as to deal with the unit of month ar, it's to reckon monthly ! I get this. Yet,...
p.s. 2. How comes Juliana's formula is different from the calculation?
1 個解答
- Wai ILv 51 十年前最愛解答
1. Yes
2. Formula of future value of an$1 annuity =((1+i)^n-1)/i
FV 20 years later
for i = 0.08/12
n=12*20=240
Lump sum after 20 years=3000 *[(1+0.08/12)^240]/(0.08/12) =1,767,061.24686
2010-10-12 10:19:01 補充：
using the deminator 12 is not because of the term 'compound interest', it is because of the word "monthly", if it says quarterly, then divided by 4, semi-annually, then divided by 2.
2010-10-18 15:39:09 補充：
Yeah, sorry, typing error. it should be 3000 *[(1+0.08/12)^240-1]/(0.08/12)
the answer is correct, but just typing error
