Annuity
 

Annuity problem 3


A group of students in the 1st year started raising money for a final graduation trip. Each of them invested € 150 in the common treasury at the end of each year for three years. The price of the graduation trip will be € 1096.22 per person. How much will each student have to pay at the end of the 4th year if the money is remunerated annually at an interest rate of 3.7%?


 

material editor: Theophilus Borgbara