Final Bank balance math problem?

Question

So here's the problem... and at the end i have to make a spreadsheet including the data...

Two people have a bank acount for thirty years

Mari- Starts at the 0 mark putting in $1000 per year at 6% annual interest rate for 10 years, then stops putting in money, letting it sit for 20 years.

Phranc- Waits 10 years then puts in 1000 per year at 6% interest every year for 20 years.

What would the equations be to figure the problems out?
I know the A=P(1+r)^t equation, but with all of the variables...
How do i figure it out!


Please help!

Answer 1

Mari has a bank account for 30 years bur phranc has a bank account for only 20 years.

At the end of 10 years Mari will have
1000(1-1.06^10)/(1-1.06) = 1000(13.18) = $13,181.00
Now She collects 6% for the next 20 years and so will have
P = 13,181(1.06)^20 = $42,273.00 at end 30 years.

After 10 years phranc has 0
Then phranc has 1000(1-1.06^20)/(1-1.06)
= 1000(36.785) = $36,785