Advertisement
Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
If we do not hit our goal we will be forced to close the site.

Current status: https://keepboardsalive.com/

Annual subs are best for most impact. If you are still undecided on going Ad Free - you can also donate using the Paypal Donate option. All contribution helps. Thank you.
https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.
Hi all, please see this major site announcement: https://www.boards.ie/discussion/2058427594/boards-ie-2026

FINANCIAL MATHS QUESTION???

  • 28-05-2016 04:03PM
    #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


Comments

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


    never mind, I figured it out!


  • #3
    jackb123456789
    Registered Users, Registered Users 2 Posts: 27 ✭jackb123456789


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


  • #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!


Advertisement