You deposit $3000 each year into an account earning 2% interest compounded annually. How much will you have in the account in 35 years?

Answer 1

Use the annuity/compound interest formula.
FV=Future value
A=amount deposited each period = 3000
R=1+interest per period (year)=1.02
n=number years money was deposited
FV=A(1+R+R^2+...+R^(n-1)
=A(R^n-1)/(R-1)
Take out your calculator and find FV.
It should be around 150000.