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My beer soaked opinion: It should be more like S=R*[(1+i )^5-1]/i*(1+i ) where your L=R, and d/100=i Maybe you should change your textbook.
[QUOTE=jonah;825831]S=R*[(1+i )^5-1]/i*(1+i ) where your L=R, and d/100=i why is that? I can't understand, can you explain more ?
Google "annuity due pdf". Example: https://www.google.com/url?sa=t&sour...2rijqwgHgnv1KQ
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