Geometric increasing annuity. Just need solution verified
Deposits are made at the beginning of every month into a fund earning a nominal annual rate of 6% convertible monthly. The first deposit is 100 and deposit increase 2% every year.
Calculate the fund balance at the end of 10 years.
Okay. Here's my solution
Can someone verify this answer? Also, if there's a nicer, easier, or faster way to solve the problem I'd be interested in seeing it. Thanks
Re: Geometric increasing annuity. Just need solution verified
Keerect...and nicely done! I'm sure there's no easier way...
Btw, an annual non-increasing deposit of 1266.21 will achieve same ending balance.