Hey guys! I'm very confused how to answer questions on superannuation with series! 
Particularly something like:
Jenny puts aside $20 at the end of each month for 3 years. How much will she have at the end of the 3 years if the investment earns 8.2% p.a. paid monthly?
Also how is best to prepare the night before for a 2u exam? Kinda stressing that I don't know my stuff
Hey! As Rui said the idea here is to build up a series, for you:
+20\\A_2=\left(20(1.0068)+20\right)(1.0068)+20)
That interest rate comes from dividing 8.2% by 12 to get a monthly rate. What you'll notice is a geometric series will build up:
)
This is always the approach with these questions - Step through what happens in the account, spot the series, and from there you can use your
sum of a geometric series formula to make it look simpler and rearrange from there!
for you you'd be looking at the value after 3 years (36 months) so:
\\=20\frac{1-1.0068^{37}}{1-1.0068})
I've fudged this question a bit because it doesn't quite explain it properly to know 100% how it would structure, but this is the rough idea - Hope it helps
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