An employee invests £1000 at the end of each month into her Pension Fund for 30 years. What is the value of her Pension Fund if it grows at an annual rate of 6% (0.5% per month) at the end of the 30 years.
An employee invests £1000 at the end of each month into her Pension Fund for 30 years. What is the value of her Pension Fund if it grows at an annual rate of 6% (0.5% per month) at the end of the 30 years.
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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A2 (b) An employee invests £1000 at the end of each month into her Pension Fund for 30 years. What is the value of her Pension Fund if it grows at an annual rate of 6% (0.5% per month) at the end of the 30 years.
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