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finances

Discussion in 'Off-Topic Discussion' started by beastlytaco, Aug 28, 2008.

  1. Aug 28, 2008 at 6:27 PM
    #1
    beastlytaco

    beastlytaco [OP] This is TW. One never knows what is a joke anymore

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    okay i got a question its work related so please if there are any accountants out there i need help. how much money will i have if i save 2000$ a year for ten years at 9% interest?
     
  2. Aug 28, 2008 at 6:38 PM
    #2
    beastlytaco

    beastlytaco [OP] This is TW. One never knows what is a joke anymore

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    its kinda top priority. its due in tomorrow.
     
  3. Aug 28, 2008 at 6:39 PM
    #3
    Khaos

    Khaos Well-Known Member

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    Economics class homework?
     
  4. Aug 28, 2008 at 6:40 PM
    #4
    beastlytaco

    beastlytaco [OP] This is TW. One never knows what is a joke anymore

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    how did you guess:D
     
  5. Aug 28, 2008 at 11:32 PM
    #5
    Janster

    Janster Old & Forgetful

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  6. Aug 29, 2008 at 1:06 AM
    #6
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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    It depends on how it's compounded (the more often it's compounded, the higher your actual return will be).
    If it's not continuous, you use the formula: Total = P(1+i/n)^(nt)
    P=principle
    i= the decimal interest rate (in this case 0.09)
    t= time in years
    n = number of times the interest is compounded in a year.
    ^ = exponentiate

    If you're only compounding once a year, n=1 and the formula becomes P(1+i)^t

    Use the formula for each contribution (the first $2000 will collect interest for 10 years, the second $2000 for 9 years, ...., the tenth $2000 for 1 year):
    Code:
    Contribution       Formula                Total
    1    $2000          2000*(1.09)^10   =   $4734.73
    2    $2000          2000*(1.09)^9    =   $4343.79
    3    $2000          2000*(1.09)^8    =   $3985.13
    4    $2000          2000*(1.09)^7    =   $3656.08
    5    $2000          2000*(1.09)^6    =   $3354.20
    6    $2000          2000*(1.09)^5    =   $3077.25
    7    $2000          2000*(1.09)^4    =   $2823.16
    8    $2000          2000*(1.09)^3    =   $2590.06
    9    $2000          2000*(1.09)^2    =   $2376.20
    10   $2000          2000*(1.09)^1    =   $2180.00
    ------------------------------------------------
                                             $33120.60
    
    If it's continuous compounding, you use the formula: Total = Pe^(rt) where
    P= Principle
    r= the decimal interest rate
    t= the time in years
    e=2.71828
    ^ = exponentiate

    Do that for each contribution:
    Code:
    Contribution       Formula                      Total
    1    $2000          2000*2.71828^(.09*10)  =   $4919.20
    2    $2000          2000*2.71828^(.09*9)   =   $4495.81
    3    $2000          2000*2.71828^(.09*8)   =   $4108.86
    4    $2000          2000*2.71828^(.09*7)   =   $3755.22
    5    $2000          2000*2.71828^(.09*6)   =   $3432.01
    6    $2000          2000*2.71828^(.09*5)   =   $3136.62
    7    $2000          2000*2.71828^(.09*4)   =   $2866.66
    8    $2000          2000*2.71828^(.09*3)   =   $2619.93
    9    $2000          2000*2.71828^(.09*2)   =   $2394.43
    10   $2000          2000*2.71828^(.09*1)   =   $2188.35
    ------------------------------------------------------
                                                   $33917.09 
    
    For the calculator that Janster posted, enter the following numbers:
    Current principle = $0
    Annual addition = $2000
    Years to grow = 10
    Interest rate = 9
    Compound Interest Times Annually (1 for annual, 12 for monthly, 365 for daily)
    Make additions at "start"
     
  7. Aug 29, 2008 at 1:59 AM
    #7
    genxer36

    genxer36 Lord of Tomfoolery

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  8. Aug 29, 2008 at 3:37 AM
    #8
    beastlytaco

    beastlytaco [OP] This is TW. One never knows what is a joke anymore

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    thank you so much guys. Glad tw cares
     
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