Mathematics, 07.07.2020 03:01 marelinatalia2000
Use the formula for the sum of a finite series and substitute P for the value of a, the monthly payment you just found. Also, substitute 1 + i for the r value in the formula since the rate of increase is now 1 + the interest rate = i. Now rewrite the formula with the substituted values in simplest form. That simplified formula will determine the future value of a structured savings plan with recurring deposits.
Answers: 3
![F.V.=\dfrac{P[(1+i)^n-1]}{i}](/tpl/images/0702/2962/c8f01.png)
![F.V.=\dfrac{P[(1+i)^n-1]}{(1+i)-1}\\\\=\dfrac{P[(1+i)^n-1]}{1+i-1}\\\\F.V.=\dfrac{P[(1+i)^n-1]}{i}](/tpl/images/0702/2962/b4b03.png)
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Use the formula for the sum of a finite series and substitute P for the value of a, the monthly paym...
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