2

From Finance Formulas P = 100 r = 10% = 0.1 when n = 1, FV = 100 n = 2, FV = 210 n = 3, FV = 331 etc.


1

Let B(y) be the balance of your account at the beginning of year y, immediately after your annual contribution (which we assume happens at the beginning of the year). Then: B(0) = B0 + p B(1) = (B0 + p)r + p B(2) = ((B0 + p)r + p)r … B(y) = B0*r^y + p(1 + r + … + r^y) = B0*r^y + p(r^(y+1) - 1)/(r - 1) *** Substituting in your numbers: B(y) = 1000(1....


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