Mathematics, 22.07.2019 05:40 hannahmjohnson0443
John decides to invest $2,000 per year and an account that he opened and expects to earn 8.25%. if he keeps this up for 35 years, how much would he end up with in his account?
Answers: 1
![\bf \qquad \qquad \textit{Future Value of an annuity due}\\ \left. \qquad \right.(\textit{payments at the beginning of the period}) \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]\left(1+\frac{r}{n}\right) \\\\ \qquad ](/tpl/images/0118/4992/3ced4.png)
![\bf A=2000\left[ \cfrac{\left( 1+\frac{0.0825}{1} \right)^{1\cdot 35}-1}{\frac{0.0825}{1}} \right]\left(1+\frac{0.0825}{1}\right) \\\\\\ A=2000\left( \cfrac{1.0825^{35}-1}{0.0825} \right)(1.0825)](/tpl/images/0118/4992/1cbe7.png)
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