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.

Answer 1

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

Answer 2

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