Suppose that you earned a​ bachelor's degree and now​ you're teaching

Factors and multiples
asked 2021-08-16
Suppose that you earned a​ bachelor's degree and now​ you're teaching high school. The school district offers teachers the opportunity to take a year off to earn a​ master's degree. To achieve this​ goal, you deposit $3000 at the end of each year in an annuity that pays 6.5% compounded annually.
a. How much will you have saved at the end of five​ years?
b. Find the interest.

Expert Answers (1)

As you invest in the end of the yeat you get no % at the end of it.
1st year = 3000
2nd year = 3000+3000+0.065*3000=6195 (interest 195)
3rd year=3000+6195+6195*0.065= 9,597.675 (interest 402.675)
4th year= 3000+9,597.675+9,597.675*0.065=13,221.523875 (interest 623.848875)
5th year = 3000 +13,221.523875 + 13,221.523875*0.065 =17,080.922926875 (interest 859.399051875)
Total savings = $17,080.922926875
Total Interest = 17,080.922926875 - 15,000=$2,080.922926875
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