Money question (1 Viewer)

[Nasonex]

Paula deposits $50 into a superannuation fund at the start of each month. The fund pays 15% p.a. interest which is compounded at the end of each month.

(i) Find the value of the fund after 10 years.
(ii) How many months will Paula have to contribute to the fund if she wishes the fund to be worth $25,000?

 

[Aerath]

Do you have answers? I got an answer, but as is the case with all these money questions, I'm never sure I've got the right answer, because I get confused in regards to the times. But I think my working out is right.

 

[lyounamu]

Do you have answers? I got an answer, but as is the case with all these money questions, I'm never sure I've got the right answer, because I get confused in regards to the times. But I think my working out is right.

I have got same answers as yours. Wrote them straight on my calculators for both question so I might have made a mistake but looking at your working we are exactly same.

 

[Timothy.Siu]

yeah i got those as well

 

[Nasonex]

yeah guys your answers are correct, thanks so much