A question about Superannuation!! HELP! (1 Viewer)

[mistyflowe]

Tom's father paid $500 into an account on the day Tom was born. After that, he paid $500 into the account on Tom's birthday until Tom's 18th birthday. If the account accrued interest at 8% per annum compounded monthly, calculate how much Tom would receive on his 18th birthday.
I need help in solving this question!! I'd appreciated for your response^^

 

[withoutaface]

T₁=$500
T₂=(500)*1.066666666666¹²+500
.
.
.
T₁₉=500(1+(1.06666666666<sup>12</sup)+(1.06666666666<sup>12</sup)²+....+(1.06666666666<sup>12</sup)¹⁸
= 500((1.06666666666666¹²)¹⁹-1)/(1.066666666666¹²-1)

and then just use a calculator to figure that out.

 

[hiphophorray123]

i think u mean 1.08 NOT 1.06

 

[hiphophorray123]

A=PR^n

which month was be born?

stupid question