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deposits are made at the end of the years 1 thought 7 into an account paying...

deposits are made at the end of the years 1 thought 7 into an account paying 6%. the first deposit equals $5000 and each deposit will increase by $1000 each year thereafter. after the last deposit assume no deposits or withdrawals are made.determine the amount in the account immediately after ten years.

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Answer #1
SCENARIO 1
add total
1st year end 5000 6 300 5300
2 5300 6 318 1000 6618
3 6618 6 397 2000 9015
4 9015 6 541 3000 12556
5 12556 6 753 4000 17309
6 17309 6 1039 5000 23348
7 23348 6 1401 6000 30749
8 30749 6 1845 7000 39594
9 39594 6 2376 8000 49969
10 49969 6 2998 9000 61967
AMOUNT AFTER 10 YEARS WILL BE 61967
SCENARIO 2
add total
1st year end 5000 6 300 5300
2 5300 6 318 1000 6618
3 6618 6 397 1000 8015
4 8015 6 481 1000 9496
5 9496 6 570 1000 11066
6 11066 6 664 1000 12730
7 12730 6 764 1000 14493
8 14493 6 870 1000 16363
9 16363 6 982 1000 18345
10 18345 6 1101 1000 20446
AMOUNT AFTER 10 YEARS WILL BE 20446
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