ARGH! Need maths help!

[blamebrampton]

I was once good at maths.

I know I should know how to do this, but I cannot remember enough to see if my method is effective or not. I found a website that will let me punch in numbers and give me an answer, but I want to check it! So I am hoping that shocolate  or someone similarly gifted is up and about.

I start with $50. Every week, I add $50. I have a compounding interest rate of 9.96%. I compound it annually, or monthly (two results). What do I have at the end of 21 years?

More than happy to do all the actual working if someone can remind me of what the formulae are.

Comments

[http://users.livejournal.com/_inbetween_/]

Since this sounds exactly like the deal the bank pestered me about, I'd like to add that if then withdrawn at once and not paid monthly till your death, it won't be 10 percent but much less plus more taxes. I'd be happy if I'm mistaken about the deal you're considering, and hope you do live to see 100 and make them pay till then, hah.

[blamebrampton.livejournal.com]

Heh! Well, people in my family often do live over 100 ... Nah, it's for a magazine article, purely hypothetical :-)

[http://users.livejournal.com/_inbetween_/]

I'm glad to hear that, or I'd have regretted my lost ties with OZ even more! :)