Here is the question:
I have posted a link there to this topic so the OP can see my work.How to determine the accumulated value of interest?
I have a maths problem that goes: "suppose you join a superannuation fund by investing \$3000 at 9% p.a. compound interest. The same amount is invested at the beginning of each subsequent year until you retire 27 years later. Determine the accumulated value of interest"
I know the compound interest formula, however I have no idea how to account for the extra \$3000 that is added every year (on top of the 9% interest rate).
Thanks! I would be very grateful for any help