Question
A person decides to invest money in fixed income securities to redeem it at the end of 3 years. In this way, you make monthly deposits of R$300.00 in the 1st year, R$400.00 in the 2nd year and R$500.00 in the 3rd year. Calculate the amount, knowing that compound interest is 0.6% per month for the entire period. The answer is 15,828.60
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Answer to a math question A person decides to invest money in fixed income securities to redeem it at the end of 3 years. In this way, you make monthly deposits of R$300.00 in the 1st year, R$400.00 in the 2nd year and R$500.00 in the 3rd year. Calculate the amount, knowing that compound interest is 0.6% per month for the entire period. The answer is 15,828.60
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4.8116 Answers
Since the person decides to deposit 300 only for the first 12 months. then increased to 400 on the second year. and another 100 increase from 400 to 500 on the 3rd year then we can arrive to the following formula:
FV=300\left(\frac{\left(1+0.006\right)^{12\left(3\right)}-1}{0.006}\right)+100\left(\frac{\left(1+0.006\right)^{12\cdot2}-1}{0.006}\right)+100\left(\frac{\left(1+0.006\right)^{12}-1}{0.006}\right)
the total Future value is = 15828.60
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