document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1142544>Question 1142544</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A trader needs ₦300,000 to improve her business, she deposits ₦110,000 in her savings account at 5% per annum compound interest. she then adds ₦50,000 to her savings at the end of each year.<BR>\n" );
document.write( "a) Find her total savings after 3 years. <BR>\n" );
document.write( "b) By how much is her savings greater or lesser than ₦300,000 at the end of the third year.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #763235 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=763235\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> she deposits 110,000.<BR>\n" );
document.write( "at end of first year, she has 110,000 * 1.05 = 115,500.<BR>\n" );
document.write( "she adds 50,000 to get 165,500.<BR>\n" );
document.write( "at end of second year, she has 165,500 * 1.05 = 173,775.<BR>\n" );
document.write( "she adds 50,000 to get 223,775.<BR>\n" );
document.write( "at end of third year, she has 223,775 * 1.05 - 234963.75.<BR>\n" );
document.write( "she adds 50,000 to get 284,963.75.<BR>\n" );
document.write( "she needs 300,000<BR>\n" );
document.write( "she is short by 300,000 - 284,963.75 = 15,036.25\r<BR>\n" );
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