If Jim deposits $5,000 at the beginning of each year for 10 years in an account paying 5% interest compounded annually, find the amount he will have at the end of the 10 years.

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asked Feb 22, 2018 225k views

5 votes

If Jim deposits $5,000 at the beginning of each year for 10 years in an account paying 5% interest compounded annually, find the amount he will have at the end of the 10 years.

Mathematics
high-school

Benji Mizrahi asked

by Benji Mizrahi

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1 Answer

5 votes

1 year:
Deposits: 5000
Interest: 250
Total: 5250
10 years:
Deposits: 5000 x 10
= 50000
Interest: 250 x 10
= 2500
Total: 52500

Parth Soni answered Feb 26, 2018

by Parth Soni

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