Question

Help. plz.

Fill out the information on the next page to find Tyler’s total savings after six years.

Answer 1

Final value=$134.01

see the explanation

Explanation:

we have that

Current principal*(0.05) Interest rate=Interest

Current principal+ Interest=New principal

Part 1) Year 2

we have

Current principal=$105

Interest=$5.25

substitute the given values to calculate the New principal

New principal=$105+$5.25=$110.25

Part 2) Year 3

we have

Current principal=$110.25

Find the interest

Interest=Current principal*(0.05) Interest rate

substitute

Interest=$110.25*(0.05)=$5.51

Find the New principal

New principal=Current principal+ Interest

substitute

New principal=$110.25+ $5.51=$115.76

Part 3) Year 4

we have

Current principal=$115.76

Find the interest

Interest=Current principal*(0.05) Interest rate

substitute

Interest=$115.76*(0.05)=$5.79

Find the New principal

New principal=Current principal+ Interest

substitute

New principal=$115.76+ $5.79=$121.55

Part 4) Year 5

we have

Current principal=$121.55

Find the interest

Interest=Current principal*(0.05) Interest rate

substitute

Interest=$121.55*(0.05)=$6.08

Find the New principal

New principal=Current principal+ Interest

substitute

New principal=$121.55+ $6.08=$127.63

Part 5) Year 6

we have

Current principal=$127.63

Find the interest

Interest=Current principal*(0.05) Interest rate

substitute

Interest=$127.63*(0.05)=$6.38

Find the Final Value

Final Value=Current principal+ Interest

substitute

Final value=$127.63+ $6.38=$134.01