72.4k views
1 vote
If $95 is put in an account that gets 6% and I add $18 at the end of each year, how much will I have at the end of 11 years?

User Afsanefda
by
7.9k points

1 Answer

0 votes
6% of $95 = $5.70
multiply $5.70 by 11 years = $62.70 <— interest gained over 11 years
multiply $18 by 11 years = $198 <— total added over 11 years
add $95 + $62.70 + $198 = $355.70
there will be a total of $355.70 in your account after 11 years
User HighVoltage
by
7.9k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.