Question

Find the periodic payment which will amount to a sum of ​17000 if an interest rate 5​% is compounded annually at the end of 12 consecutive years.

Answer 1

In 17 years, you will have $38,964.31

Formula:

A = P (1 + r/n)^(nt)Where:A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for