Question

A person is planning for his retired life. He has 10 more years
of service. He would like to deposit 20% of his salary, which is 4,000 US. Dollars
at the end of the first year, and thereafter he wishes to deposit the amount
with an annual increase of Rs. 500 for the next 9 years with an interest rate of
15%. Find the total amount at the end of the 10th year of the above series.

Answer 1

Total amount at the end of the 10th year of the above series = $132,895

All calculation are mentioned on the heading of each coloumn.