Superannuation Question (1 Viewer)

Chris_S

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A sum of $1500 is invested at the end of each year for 15 years, at 14% p.a. Find the amount of superannuation available at the end of the 15 years.

It is pretty easy but I keep getting the wrong answer lol.
 

Drsoccerball

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Is the answer 67263.62 or around that im abit rusty...
 

Chris_S

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Yeah the answer is $65763.62! How did you get it?
 

Drsoccerball

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Yeah the answer is $65763.62! How did you get it?
First of all it should be 1500 more since you add money at the end of the year. In the first year no interest is gained since he only puts it in on the last day of the year thats what you missed
 

Drsoccerball

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First of all it should be 1500 more since you add money at the end of the year. In the first year no interest is gained since he only puts it in on the last day of the year thats what you missed
My bad we accounted for that in the initial calculation...
 

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