if you ivested $2000 a year for 12 years at 8% growth, how much would you have?

Question

whats the formula? please include if you can...

Answer 1

T.R. is correct - the answer is $40,990.59.

I used excel and this is how I got the answer:

In cell A1 enter:
=2000*1.08

In cell A2 enter:
=(A1+2000)*1.08

I then dragged cell A2 down to cell A12 (to copy the same fomula) to get the answer. Cell A12 represents 12 years.

This assumes that interest is only calculated once per year (and the entire 2,000 receives the full interest growth). It isn't as accurate as the financial calculator but it is an accurate way to do it when you want to assume one interest payment a year.

Hope this helps.

Answer 2

$37,954.25. I went to excel and used the paste function. When this comes up, use financial, and FV. Plug 8%, 12 pay periods, and 2000.

Answer 3

$37,954.25

Without a financial calculator I do not know if I could do it.
With the calculator its
2000 Payment
12 n (time)
8 i (interest)
Future Value

Otherwise you would have to take $2000 x 1.08 then add 2000 and take that times 1.08 for the twelve years

Answer 4

At the end of the 12th year you would end up with about $38,327.

Answer 5

i think the answer is $40,990.58. But im not entirely sure.