Question

Suppose you are managing an account in which you deposit Rs. 20,000 at the end of each year for 20 years. How much amount you have accumulated with the assumption that you earn 5% interest compounded annually.

Answer 1

amount = 20000( 1.05^20 - 1)/.05
= ..

I will let you do the button-pushing on your calculator

Answer 2

101.07

Answer 3

Claire invested $2000 in her bank account earning 2% each years. how many years will it take for her bank account to reach $2100?