I need help please

[Vanesssssa]

You deposit $3000 each year into an account earning 7% interest compounded annually. How much will you have in the account in 35 years?

 

[lev888]

Look up online investment calculators.

 

[Deleted member 4993]

You deposit $3000 each year into an account earning 7% interest compounded annually. How much will you have in the account in 35 years?

How much money (principal+interest) would you have at the end of 1 year?

How much money (principal+interest) would you have at the end of 2 years?

How much money (principal+interest) would you have at the end of 3 years?

How much money (principal+interest) would you have at the end of 4 years?

See a pattern!

 

[Baltuilhe]

Good night!
Given data:

• PMT : $ 3000
• Interest (i): 7%
• n: 35 years

Using the following formula:
[MATH]FV=PMT\cdot\left[\dfrac{\left(1+i\right)^{n}-1}{i}\right]\\ FV=3\,000\cdot\left[\dfrac{\left(1+7\%\right)^{35}-1}{7\%}\right]\\ FV=3\,000\cdot\left(\dfrac{1.07^{35}-1}{0.07}\right)\\ \color{blue}\boxed{FV\approx 414\,710.64} [/MATH]
Right?

 

[Deleted member 4993]

Good night! d
Given data:

• PMT : $ 3000
• Interest (i): 7%
• n: 35 years

Using the following formula:
[MATH]FV=PMT\cdot\left[\dfrac{\left(1+i\right)^{n}-1}{i}\right]\\ FV=3\,000\cdot\left[\dfrac{\left(1+7\%\right)^{35}-1}{7\%}\right]\\ FV=3\,000\cdot\left(\dfrac{1.07^{35}-1}{0.07}\right)\\ \color{blue}\boxed{FV\approx 414\,710.64} [/MATH]
Right?

Looks good..... However at this site we tend NOT to provide "answer" when the original poster did not show any work/thought regarding the assignment. We want the student to "discover" the answer. You could have nudged the OP towards the answer - without providing the full work and the answer.