SOLUTION: Hi i need help on this question, please help: Carol and Anthony will invest �5100 per year in a savings account at a rate of 4% per year compounded annually. How much will the JOI

Question 815543: Hi i need help on this question, please help:
Carol and Anthony will invest �5100 per year in a savings account at a rate of 4% per year compounded annually. How much will the JOINT total be after 5 years.
Can someone please explain how to work it out or what formula to use.
Thank you!
Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
At the start, they deposit �5100.
In the first year the interest earned is the initial balance at the start of that year (�5100) times the interest rate as a fraction or decimal

.
At the end of the first year, they will have the initial amount, plus the interest:5100

.
That means that in the first year the initial balance grows by a factor of .
That happens no matter what the initial balance, and no matter what happened before.
At the beginning of the second year, they deposit �5100 again,
and end up with (in �)

Over the second year that amount of money again multiplies times to get to

by the end of the second year.

At the beginning of the third year, they deposit �5100 again,
and end up with (in �)

Over the third year that amount of money again multiplies times to get to

by the end of the third year.

The pattern continues, and by the end of the fifth year,their balance is

=
=
RELATED QUESTIONS
Could someone please help me soldve this question, I am really trying to assistanace my... (answered by josmiceli)

NEED HELP ASAP PLEASE!! A savings account starts with $600 and pays 5% interest per... (answered by solver91311)

Ok, this is my last one that I need help with tonight, again word problems are killing... (answered by mananth)

Please if someone can help me solve this problem! thank you! Anthony invested... (answered by Theo)

I need help on this math problem please give me a accurate answer: Monique earns 25.00... (answered by rothauserc)

I am having trouble with this question can some one please help me I opened up a... (answered by stanbon)

Can someone please help me with this problem? I can't seem to solve it myself. I... (answered by stanbon)

Anthony invested a sum of money 6 yr ago in a savings account that has since paid... (answered by lwsshak3)

Anthony invested a sum of money 7 years ago in a savings account that has since paid... (answered by rfer)