Question

Upon enlisting in the Marine Corps. I was given the

)
opportunity to create a College Sovings fund for every
$1.00 I deposited the government would deposit
an additional $2.00 with a max of $100.00/month.
If I deposited the max each month how much money did I have
at the end of 5 years if I started with $100.00

Answer 1

Explanation:

Here's a step-by-step explanation of the solution:

Calculate the government deposit: For every $1.00 you deposit, the government deposits $2.00. So if you deposit the maximum of $100.00 each month, the government deposit would be $100.00 * $2.00 = $200.00.

Calculate the total deposit each month: The total deposit each month is the sum of your deposit and the government deposit, so it would be $100.00 + $200.00 = $300.00.

Calculate the number of months: You started with $100.00 and made the maximum deposit of $100.00 each month for 5 years. Five years is 5 * 12 = 60 months.

Calculate the total deposit over 5 years: Over 5 years, you made 60 deposits of $300.00 each, so the total deposit over 5 years would be 60 * $300.00 = $18,000.00.

Calculate the final balance: Adding the initial deposit of $100.00 to the total deposit over 5 years, the final balance in your account after 5 years would be $18,000.00 + $100.00 = $18,100.00.

So, at the end of 5 years, if you deposited the maximum of $100.00 each month into the College Savings fund, you would have $18,100.00 in your account.