Simple GP question. (1 Viewer)

[currysauce]

I know this is 2unit, but since i do 3unit, i thought i would let my 'buddies' help me out.

I keep getting the wrong asnwer for the following:

A sum of $1500 is invested at the end of each year for 15 years, at 14% p.a. Find the amount of superannuation available at the end of the 15 years.


i keep getting something like $73XXX when the asnwer is $65763.62

 

[Templar]

a=1500, r=1.14, n=15

Sn=a(r^n-1)/(r-1)
=1500(1.14^15-1)/(1.14-1)
=1500*6.1379/0.14
=$65763.62

 

[haboozin]

a(r^n-1)/(r-1)

= 1500(1.14^15 - 1)/(0.14)

= $65763.62




what ur doing is this
1500(1.14)(1.14^15 - 1)/(0.14)

and is wrong because it says AT THE END OF EACH YEAR..

read the question properly..

 

[currysauce]

thanks ppl's

 

[FinalFantasy]

ur "'buddies'" can still help u out in the 2unit forum
some 2unit ppl mite not look here and miss out on this q