SOLUTION: Peter plans to save all his earnings for 4 years so that he can buy a used car after he graduates from high school. He receives $5 for the first week, and earns .10 increase per w

Question 649033: Peter plans to save all his earnings for 4 years so that he can buy a used car after he graduates from high school. He receives $5 for the first week, and earns .10 increase per week for 2 years, and then .15 increase per week for the last 2 years. What is the total amount Peter will have after 4 years
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Peter plans to save all his earnings for 4 years so that he can buy a used car after he graduates from high school. He receives $5 for the first week, and earns .10 increase per week for 2 years, and then .15 increase per week for the last 2 years. What is the total amount Peter will have after 4 years
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Total for 1st 53 weeks = 5 + 5*1.01^104 = 13.39
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Final total: 13.39*1.15^52 = $19,187.47
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Cheers,
Stan H.
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