SOLUTION: If $55 is put in an account that gets 6% and I add $20 at the end of each year, how much will I have at the end of 10 years?

SOLUTION: If $55 is put in an account that gets 6% and I add $20 at the end of each year, how much will I have at the end of 10 years?

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Question 1141450: If $55 is put in an account that gets 6% and I add $20 at the end of each year, how much will I have at the end of 10 years?
Answer by greenestamps(13215) (Show Source): You can put this solution on YOUR website!

Treat the original $55 as a lump sum left for 10 years; treat the $20 added at the end of each year as an annuity.

(1) $55 at 6% for 10 years:

(2) $20 at the end of each year for 10 years at 6%:

Use a calculator and add the two amounts....
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