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Final offering for now:
Now work through a few months to establish a pattern.
Start of month one
End of month one
Start of month two
End of month two
Start of month three
End of month three
So after 60 months
Using the formula for the sum of a GP
In the screen shot below I have worked through 3 months like this and then used the formula to check the formula gives the same value.
http://www.mathsisfun.com/algebra/seque … etric.html
As I've just made this up it would be great to know that a financial calculator gives the same results.
NEXT DAY EDIT:
I tried http://www.thisismoney.co.uk/money/savi … lator.html
It made it £34846.68 whereas my formula made it £34727.28 (using Excel)
This calculator only accepts interest rates to 2 dp so it is not clear whether my formula is wrong or whether their's is insufficiently accurate.
I'll try to find a more accurate one.
A LITTLE LATER:
http://www.calculatorweb.com/calculator … calc.shtml
I am new to the forum, so hello to everybody. Please help, I would like to know the formula for the following situation: The investor takes out an investment of $450 per month every month for 5 years, interest rate is 10% per annum, how do I calculate the total value after 5 years? This can be calculated easily on a financial calculator, but I would like to know the formula. Thank you.