Question

At the beginning of each year, Joe invests $10,000 in his retirement fund. The fund gives 10% interestm compouned annually. At the end of the third year, how much money will be in Joe's fund?

Answer 1

first 10,000 for 3 years
10,000 (1.10)^3
then second year deposit
10,000 (1.10)^2
then
10,000 (1.10)

or
10,000 (1.1^3 + 1.1^2 + 1.1)

Answer 2

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