Financial Math Problem

[elimster]

Hello,

I am trying to do the following problem:

Find the account balance for an account in which deposits were made every trimester growing at 2%. The first deposit was for 1000 and was made 8 years ago. The annual interest rate is 1%.

If someone could please tell me the formula I need to use it would be greatly appreciated.
Thank you

 

[stapel]

To find the value of the annuity, you could try using the formula for the value of an annuity. :wink:

 

[Denis]

Find the account balance for an account in which deposits were made every trimester growing at 2%. The first deposit was for 1000 and was made 8 years ago. The annual interest rate is 1%.

"trimester" is an "annoying" term; do you mean every 3 months or every 4 months?
The deposits grow at 2%? Like, 1000, then 1020, then 1040.40 ..... ?
The 1% rate is annual or per period?

If deposits "grow", then you need "increasing annuily"; see here:
http://www-users.math.umd.edu/~schmoyer ... nnuity.pdf

 

[elimster]

Sorry about that. I meant to say every four months. The 1 % is annual. Thanks so much for the help!

 

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