Answer:
Total interest after 5 years = $48.77 to the nearest cent.
Step-by-step explanation:
The first $50 grows to 50 * 1.06^5 = 66.911 = $16.911 interest.
The 2nd $50 grows to 50*1.06^4 = 63.124 = $13.124 interest.
3rd grows to 50*1.06^3 = 59.551 = $9.551 interest
4th grows to 50 *1.06^2 = 56.18 = $6.18 interest
5th grows to 53 = $3 interest.
Total interest = $16.911 + $13.124 + $9.551 + $6.18 + $3
= $48.77.
