Question
A person saves #30000 at 41/2% compound interest. She adds #8000 to her amount at the end of each year. Find her total savings after 2 years.
Answers
Damon
at time 0 30,000
at time 1 1.045*30,000+8,000
= 39,350
at time 2
1.045*39350 +8,000
= 49,120.75
at time 1 1.045*30,000+8,000
= 39,350
at time 2
1.045*39350 +8,000
= 49,120.75
Aisha
Please I need the solving so that I will be able to understand the topic very well