Question

Derek will deposit $5,825.00 per year for 10.00 years into an account that earns 9.00%, The first deposit is made next year. He has $11,818.00 in his account today. How much will be in the account 47.00 years from today?

Answer format: Currency: Round to: 2 decimal places.

Answer 1

Dear All,

This is chart for reference included for your answer. The formula is given below for solve this query:-

I=interest i.e. e column

R= rate i.e. d column

g=total of amount invest i.e. c column

n=total amount invest plus interest accured i.e. f column

total= n+(g*r/100)

YEAR	OPENING (a)	INVEST(b)	total amount invest c=(a+b)	RATE OR RETURN (d)	INTEREST e=(c*d)	TOTAL f=(c+e)
1	0	5825	5825.00	0.9	52.4	5877.4
2	5878.00	5825	11703.00	0.9	105.3	11808.3
3	11808.33	5825	17633.33	0.9	158.7	17792.0
4	17792.03	5825	23617.03	0.9	212.6	23829.6
5	23829.58	5825	29654.58	0.9	266.9	29921.5
6	29921.47	5825	35746.47	0.9	321.7	36068.2
7	36068.19	5825	41893.19	0.9	377.0	42270.2
8	42270.23	5825	48095.23	0.9	432.9	48528.1
9	48528.09	5825	54353.09	0.9	489.2	54842.3
10	54842.26	5825	60667.26	0.9	546.0	61213.3
11	61213.27	0	61213.27	0.9	550.9	61764.2
12	61764.19	0	61764.19	0.9	555.9	62320.1
13	62320.07	0	62320.07	0.9	560.9	62880.9
14	62880.95	0	62880.95	0.9	565.9	63446.9
15	63446.87	0	63446.87	0.9	571.0	64017.9
16	64017.90	0	64017.90	0.9	576.2	64594.1
17	64594.06	0	64594.06	0.9	581.3	65175.4
18	65175.40	0	65175.40	0.9	586.6	65762.0
19	65761.98	0	65761.98	0.9	591.9	66353.8
20	66353.84	0	66353.84	0.9	597.2	66951.0
21	66951.03	0	66951.03	0.9	602.6	67553.6
22	67553.58	0	67553.58	0.9	608.0	68161.6
23	68161.57	0	68161.57	0.9	613.5	68775.0
24	68775.02	0	68775.02	0.9	619.0	69394.0
25	69394.00	0	69394.00	0.9	624.5	70018.5
26	70018.54	0	70018.54	0.9	630.2	70648.7
27	70648.71	0	70648.71	0.9	635.8	71284.5
28	71284.55	0	71284.55	0.9	641.6	71926.1
29	71926.11	0	71926.11	0.9	647.3	72573.4
30	72573.44	0	72573.44	0.9	653.2	73226.6
31	73226.60	0	73226.60	0.9	659.0	73885.6
32	73885.64	0	73885.64	0.9	665.0	74550.6
33	74550.61	0	74550.61	0.9	671.0	75221.6
34	75221.57	0	75221.57	0.9	677.0	75898.6
35	75898.56	0	75898.56	0.9	683.1	76581.7
36	76581.65	0	76581.65	0.9	689.2	77270.9
37	77270.89	0	77270.89	0.9	695.4	77966.3
38	77966.32	0	77966.32	0.9	701.7	78668.0
39	78668.02	0	78668.02	0.9	708.0	79376.0
40	79376.03	0	79376.03	0.9	714.4	80090.4
41	80090.42	0	80090.42	0.9	720.8	80811.2
42	80811.23	0	80811.23	0.9	727.3	81538.5
43	81538.53	0	81538.53	0.9	733.8	82272.4
44	82272.38	0	82272.38	0.9	740.5	83012.8
45	83012.83	0	83012.83	0.9	747.1	83759.9
46	83759.95	0	83759.95	0.9	753.8	84513.8
47	84513.79	0	84513.79	0.9	760.6	85274.4

Conclusion:

After the considering the value at the point after 47 years, Derek will be received amount of $ 85275 Appox.