Question
Finance Question: You deposit $4000 each year into an account earning 3% interest compounded annually. How much will you have in the account in 30
Finance Question:
"You deposit $4000 each year into an account earning 3% interest compounded annually. How much will you have in the account in 30 years?"
$___________
Note from student (me): I've been doing problems like this and am supposed to use an Annuity with Compounded Interest Formula.
A=P[(1+r/n)^(n*t) -1]/(r/n)
I know that the correct answer my teacher posted is $190,301.66 but I can't figure out how to get there. Whenever I plug in the numbers for the required formula I get the answer $171,271.50. I'll include a picture of my work so that you can maybe see what I'm doing incorrectly.
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