How much money have we on our bank account, if the bank can gave us at the end of every month 200$, for three years. The rate is 4% per anno, (that's 4% per year), decursive interest-rate, and the capitalisation time is one year.
Ok; next time, simply say "4% compounded annually".
Please use 4.16 (not 4,16) and $104 (not 104$); less confusion.
1st step is to get equivalent rate compounded monthly, since the $200 is paid monthly:
(1 + i)^12 = 1.04
1 + i = 1.04^(1/12)
i = 1.04^(1/12) - 1 ; that comes out to .00327....
Next is calculate present value (PV) of 36 monthly payments of $200:
(formula is : PV = p[1 - 1/(1 + i)^n] / i)
since p = 200, n = 36 and i = .00327 :
PV = 200(1 - 1/1.00327^36) / .00327 ; roughly $6,781.92
Tu est d'accord?