In: Finance
A/c balance after 20 years | P×[(1+r)^n-1]÷r | |
Here, | ||
A | Interest rate per annum | 10.00% |
B | Number of years | 20 |
C | Number of payments per per annum | 1 |
A÷C | Interest rate per period ( r) | 10.00% |
B×C | Number of periods (n) | 20 |
Payment per period (P) | $ 2,000 | |
A/c balance after 20 years | $ 114,550 | |
2000×((1+10%)^20-1)÷10% |