1000*(1.08)^11I am currently working on mastering mathematics book and wanted to brush up on my maths, since it has been nearly 15years i have tried mathematics. I am struggling with a problem. Hope someone would help me with solving this.
Roy invests 1000pounds on 1jan1996 and every 1jan until 1jan2006. Interest at 8%per annum is calculated at31december each year on the total value of his investment(including any earned interest). What will be the value of his investment on 31 december 2006?
I have found the answer to that i got to be different from the answer at the back of the text and wanted to know if i am right. So i need a bit of a help.