Question

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?

Answer 1

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

Answer 2

you would have 513 in 10 years if you add 20 dollars at the end of each year.