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3 votes
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?

User Mgadda
by
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2 Answers

3 votes
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
User Khoekman
by
7.3k points
3 votes
you would have 513 in 10 years if you add 20 dollars at the end of each year. 
User Wgwz
by
8.5k points
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