A high-interest savings account pays 5.5% interest compounded annually. If $300 is deposited initially and again at the first of
each year, which summation represents the money in the account 10 years after the initial deposit?
1 answer:
That is an annuity and use the attached formula.
Total = 300 * [(1.055)^11 -1] / .055 -300
Total = 300 *
<span>
<span>
<span>
1.8020924036
</span>
</span>
</span>
-1 /.055 -300
Total = 300 *
<span>.8020924036 / .055 - 300
</span>Total = 300 *
<span>
<span>
<span>
14.5834982473
</span>
</span>
</span>
-300
Total =
<span>
<span>
<span>
4375.0494741818
</span>
</span>
</span>
-300
Total =
<span>4075.05
</span>
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