Question

Angelina deposits $3000 in a savings account on 1 January 2019, earning compound interest of 1.5% per year.

Answer 1

The interest earned would be $481.62.

The total amount of money in her account would be $16,377.12.

Determining interest after 10 years

Interest = future value - amount deposited

$3000 (1.015)^10 = $3,481.62

Interest =  $3,481.62 - $3000 = $481.62

Determining the future value of the account.

 Future value of the lump sum = $3000 x (1.015)^11 = $3,533.85

Future value of the annuity = amount deposited x annuity factor

Annuity factor = {[(1+r)^n] - 1} / r = [(1.015)^10 - 1] / 0.015 = 10.702722

Future value =  10.702722 x $1,200 = $12,843.27

Total future value =  $12,843.27 + $3,533.85 = $16,377.12

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