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24 July, 07:12

If $55 is put in an account that gets 6% and I add $20 at the end of eqch year how much will I have at the end of 10 years?

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Answers (2)
  1. 24 July, 09:46
    0
    You would have 513 in 10 years if you add 20 dollars at the end of each year.
  2. 24 July, 10:23
    0
    So here it is in math form (plug into calculator

    1.06 means add 6% of whatever you have

    so

    55*1.06+20 = first year

    so what you do is just keep multiplying this quantity by 1.06 then adding 20 then multiplying, etc

    the long form would be

    [ ([ ([ ([ ([55*1.06+20]*1.06+20) * 1.06+20]*1.06+20) * 1.06+20]*1.06+20) * 1.06+20]*1.06+20) * 1.06+20]*1.06+20=362.1125

    round

    $362.11 after 10 years
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