Deposit

If you deposit 719 euros the beginning of each year, how much money we have at 1.3% (compound) interest after 9 years?

Result

x =  6817.9 Eur

Solution:

n=9 a0=719 q=1+1.3100=1.013 x=a0qn1q1=7191.013911.0131=6817.9 Eurn = 9 \ \\ a_0 = 719 \ \\ q = 1+\dfrac{ 1.3 }{100} = 1.013 \ \\ x = a_0 \dfrac{q^n-1}{q-1} = 719 \cdot \dfrac{ 1.013^{ 9}-1}{ 1.013-1} = 6817.9 \ \text{Eur}



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