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FINANCIAL MATHS QUESTION???

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  • 28-05-2016 5:03pm
    #1
    TSMGUY
    Closed Accounts Posts: 855 ✭✭✭


    [BNICKI DEPOSITS 200£ at the end of each quarter in her savings account. The money earns 5.5% AER. How much will the investment be worth at the end of four years?][/B]

    I've tried everything and the answer at the back just doesn't match up. I'm not sure who's wrong. I used the geometric series formula but no luck. The answer at the back is 3544.66


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    #2
    TSMGUY
    Closed Accounts Posts: 855 ✭✭✭TSMGUY


    never mind, I figured it out!


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    #3
    jackb123456789
    Registered Users Posts: 27 ✭jackb123456789


    Sorry to bring this up, but how did you get it?


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    #4
    TSMGUY
    Closed Accounts Posts: 855 ✭✭✭TSMGUY


    jackb123456789 wrote: »
    Sorry to bring this up, but how did you get it?

    I'm sorry, I don't remember! I think what I did wrong was I used an incorrect value for r, so that's probably where you're going wrong too. I think there was something about if r is bigger than 1 you use r-1 instead of 1-r in the formula, so I hope that helps. Sorry that's so vague!


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