Superannuation Question (1 Viewer)

[Chris_S]

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]

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

 

[Chris_S]

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

 

[Drsoccerball]

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]

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...

 

[Chris_S]

Cheers brother you are a gun

 

[Drsoccerball]

Cheers brother you are a gun

No way man its all you ;P

 

[Speed6]

Cheers brother you are a gun

Ikr, he is a beast at maths

 

[Drsoccerball]

Ikr, he is a beast at maths

Without the calculator id be useless

 

[calamebe]

Without the calculator id be useless

http://youtu.be/e4PTvXtz4GM