Question

**Rocky Alcoa** has decided to start saving
for **her daughter's wedding** by depositing
$**4200** at the end of every year for
**15** years. Assuming the bank pays interest at the
rate of 4%, how much money will be in the account immediately after
the **15**th deposit? (Round your answer to
the nearest dollar)

Answer #1

Particulars | amount($) | interest($) | total at end($) |

1st year | 4200 | 168 | 4368 |

2nd year | 4368+4200 | 342.72 | 8910.72 |

3rd year | 8910.72+4200 | 5244.43 | 13635.15 |

4th year | 13635.15+4200 | 713.40 | 18548.55 |

5th year | 18548.55+4200 | 909.94 | 23658.49 |

6th year | 23658.49+4200 | 1114.34 | 28972.83 |

7th year | 28972.83+4200 | 1326.91 | 34499.74 |

8th year | 34499.74+4200 | 1547.99 | 40247.73 |

9th year | 40247.73+4200 | 1777.91 | 46225.64 |

10th year | 46225.64+4200 | 2017.02 | 52442.66 |

11th year | 52442.66+4200 | 2265.71 | 58908.37 |

12th year | 58908.37+4200 | 2524.33 | 65632.70 |

13th year | 65632.70+4200 | 2793.31 | 72626.01 |

14th year | 72626.01+4200 | 3073.04 | 79899.05 |

15th year | 79899.05+4200 | 3363.96 | 87463.01 |

Yearly deposit amount = 4200$

Interest per annum = 4%

At the end of the 15th year/ after 15th year amount will be receiving is = 87,463$

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