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1 month ago

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A high interest savings account pays 5.5% interest compounded annually. If $300 is deposited initially and again at the first of

each year, which summation represents the money in the account 10 years after the initial deposit

2 answers:

Inessa [12.5K]1 month ago

6 0

Result:

$ 4075.05

Step-by-step explanation:

Given:

R = Interest rate = 5.5%

T = Payment Duration = 10 years

FV = Future Value

A = Amount

A total of $300 was deposited in the account for a decade starting from the initial deposit with an interest rate of 5.5%

According to the formula:

$FV = A(\frac{(1+r)^{t}-1}{r}).(1+r)$

$FV = 300(\frac{(1+.055)^{10}-1}{.055}).(1+.055)$

$FV = 300(\frac{(1.055)^{10}-1}{.055}).(1.055)$

$FV = 300(\frac{1.708144458-1}{.055}).(1.055)$

$FV = 300(\frac{0.708144458}{.055}).(1.055)$

$FV = 300\times 12.875353782\times 1.055$

$FV = 4075.05$

The total funds in the account following ten years equals $ 4075.05

Overall amount after one decade is $ 4075.05

AnnZ [12.3K]1 month ago

4 0

.A deposit of $300 is held in the account for 10 years from the initial deposit date.

The interest rate on the account is 5.5%

The total amount in the account after 10 years can be expressed as 300 * ((1.055)^10 - 1 ) / 0.055 * (1 + 0.055)

= 300 * (0.708144)/0.055 * 1.055

= 4075.05

The total money in the account after ten years is $ 4075.05

The summation notation representing this equation is

∑3000*(1.055 )^x, with x ranging from 1 to 10

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