Can i get help with a simple anuity math problem??
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Can i get help with a simple anuity math problem??
this question is related to anuity, which means that the person is making equal payments over 6 years
interest = 8% a year
number of years = 6
there is a fund which will equal 500,000 dollars after 6 years. i have to make equal payments each year. i thought that i could divide 500k by 6, but now they are telling me that each payment each year will gain 8% interest over the following years.
so the payment made in year 1 would gain 8% each year over the next 5 years. payment made in year 2 would gain interest over the next 4 years and so on. thanks for any help (even a formula would be good)
interest = 8% a year
number of years = 6
there is a fund which will equal 500,000 dollars after 6 years. i have to make equal payments each year. i thought that i could divide 500k by 6, but now they are telling me that each payment each year will gain 8% interest over the following years.
so the payment made in year 1 would gain 8% each year over the next 5 years. payment made in year 2 would gain interest over the next 4 years and so on. thanks for any help (even a formula would be good)
Yeehaw
Joined: Aug 2003
Posts: 20,972
Likes: 26
From: Chandler, Arizona
and since you got answers in the other thread, I'm closing this one.https://acurazine.com/forums/ramblings-12/hi-can-i-get-help-math-anuity-problem-323991/
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