billieeckert9172
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A bank account with a $75,000 initial deposit is used to make annual payments of $1000, starting one year after the initial $75,000 deposit. Interest is earned at 2% a year, compounded annually, and paid into the account right before the payment is made.
a) What is the balance in the account right after the 24th payment?
How would we find this out without actually calculating the problem 24 times. There must be a formula to this geometric problem. Please help me find the formula to solve this problem and show work and also explain the process. Thank you.
a) What is the balance in the account right after the 24th payment?
How would we find this out without actually calculating the problem 24 times. There must be a formula to this geometric problem. Please help me find the formula to solve this problem and show work and also explain the process. Thank you.