Question

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.

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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