How much money will you have after investing it for several years?
Input
Final amountAi // initial investment amount (dollars) R // annual interest rate (percent converted to decimal) Y // length of investment (years) N // number of times the interest is compounded per year
Af = Ai * (1 + R/N)YN
Note: Go
here for more information on the calculation
a. Show the accumulated amount for each year.
b. Invest an additional amount at the beginning of each year.
c. In 1626 Peter Minuit bought Manhattan island from the local Indians for a load of cloth, beads, hatchets, and other odds and ends then worth 60 Dutch guilders ($24 dollars). If the money ($24) was invested in 1626 at 5% interest per year, what would the investment be worth today?